Bitcoin

Block

when

April

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-continues-to-trade-between-60000-and-72000/" data-wpel-link="internal">Bitcoin Continues to Trade Between $60,000 and $72,000</a><br></p>
<p style="text-align: justify"><a href="https://en.coin-turk.com/bitcoin-whales-start-selling-as-price-struggles-to-break-37000-resistance/" data-wpel-link="internal">Bitcoin</a>, the undisputed <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> leader, has been trading between $60,000 and $72,000 for over two months following its incredible rise in March. Some analysts now believe that indicators pointing to a sustained period above support levels could lead Bitcoin to revisit its peak range soon.</p> 
<h2 style="text-align: justify" id="bitcoin-chart-overview">Bitcoin Chart Overview</h2> 
<p style="text-align: justify">Particularly, Bitcoin initiated a bull rally into this region when calendars showed February 28, reaching an all-time high about 14 days later. Following this, Bitcoin broke its mid-March <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> range, reaching a new peak of $73,805, but experienced a downward break on May 1.</p> 
<p style="text-align: justify">Bitcoin lost momentum in early April and has since been trading below its 30-day exponential moving average (30-EMA), reflecting a bearish market influenced by short sellers.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-350451" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-1-coin-turk-com.png" alt="" width="850" height="505"></p> 
<p style="text-align: justify">If Bitcoin moves above the 30-EMA currently at $63,360, it could potentially head towards the $72,000 level.</p> 
<h2 style="text-align: justify" id="bitcoin-btc-price-target">Bitcoin (BTC) Price Target</h2> 
<p style="text-align: justify">Interestingly, derivative data provided by CoinGlass on May 11 seems to reflect a clearer short-term forecast of $72,000 for Bitcoin.</p> 
<p style="text-align: justify">In this context, a one-month leverage heat map following a downward trend reveals two significant liquidation pools due to increased open interest from those shorting Bitcoin, particularly at the $67,000 and $71,000 levels. These could quickly become reachable levels if sentiment around Bitcoin changes, potentially driving the price to $72,000.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-350452" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-2-coin-turk-com.png" alt="" width="856" height="439"></p> 
<p style="text-align: justify">Such a shift in sentiment in May could potentially lead to bullish breakouts across all cryptocurrencies and signal a reversal of the trend. Recently, Jack Dorsey sent a Bitcoin-supportive letter to shareholders of Block Inc (NYSE: SQ).</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-continues-to-trade-between-60000-and-72000/" data-wpel-link="internal">Bitcoin Continues to Trade Between $60,000 and $72,000</a></h5>

Bitcoin Continues to Trade Between $60,000 and $72,000

Table of Contents

COINTURK NEWS

Other articles published on May 12, 2024

Decline in Activity and Interest in the Bitcoin Ecosystem

Recent Developments in RNDR’s Market Performance

SEC’s Regulatory Policies Destroy Crypto Industry, Claims Mark Cuban

AI News: 5 Potential Updates OpenAI May Announce This Week

Is the altcoin market set for an ‘explosive rally?’ Analysts eye these 3 indicators

BlockDAG, the Best Emerging Crypto to Buy, Lists on CoinMarketCap as LTC and Ethereum Price Predi...

Join our free newsletter for daily crypto updates!