Bitcoin

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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-ongoing-market-struggles-and-opportunities/" data-wpel-link="internal">Bitcoin Faces Ongoing Market Struggles and Opportunities</a><br></p>
<p class="p1" style="text-align: justify"><strong><a href="https://en.coin-turk.com/whale-movements-and-market-trends-in-bitcoin/" data-wpel-link="internal">Bitcoin</a></strong> could not maintain its recovery last week, indicating that bears are not giving up and are using rallies as selling opportunities. The closer the <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> stays to $60,000, the higher the likelihood of a downward breakout. However, analysts continue to be bullish about the price movement in the post-halving cycle. According to Timothy Peterson, founder and <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investment</a> manager at Cane Island Alternative Advisors, Bitcoin could rise to anywhere between $175,000 and $350,000 in the next 9 months.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-daily-chart-analysis">Bitcoin Daily Chart Analysis</h2> 
<p class="p1" style="text-align: justify">Bulls successfully defended the $59,600 level in Bitcoin but failed to push the price above the 20-day exponential moving average at $62,650. This shows the intense struggle between bulls and bears.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350696 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-3.webp" alt="" width="1341" height="805"></p> 
<p class="p1" style="text-align: justify">The daily EMA 20 level and the relative strength index (RSI) in the negative zone indicate an advantage for sellers. If the $59,600 level is breached, the BTC/USDT pair could retest the intra-day low of May 1 at $56,552. This level is expected to attract buyers, but if bears prevail, the pair could drop to the 61.8% Fibonacci retracement level at $54,298.</p> 
<p class="p1" style="text-align: justify">Bulls will need to keep the price above the 20-day EMA average to prevent a downward move. If they manage this, the pair could rise to $67,250, and buyers will need to overcome this barrier to initiate a rally towards $73,777.</p> 
<h2 class="p1" style="text-align: justify" id="bitcoin-chart-analysis">Bitcoin Chart Analysis</h2> 
<p class="p1" style="text-align: justify">On the 4-hour chart, the EMA 20 average is flattening and the RSI level is near the midpoint, indicating reduced selling pressure. The most important support to watch is the $59,600 level, and breaching this could increase sales and drop the pair to $56,552.</p> 
<p class="p1" style="text-align: justify">Conversely, if the price rises above the 50-simple moving average, it would signify bulls attempting a comeback. The pair could rise to $63,500 and then to $65,500, and a break above this resistance could signal that bears are losing control. Particularly in the ETF sector or positive developments from the SEC could trigger a price spike for Bitcoin.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-350695 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-4s.webp" alt="" width="1341" height="805"></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-faces-ongoing-market-struggles-and-opportunities/" data-wpel-link="internal">Bitcoin Faces Ongoing Market Struggles and Opportunities</a></h5>

Bitcoin Faces Ongoing Market Struggles and Opportunities

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