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Bitcoin

<ul>
 <li>Bitcoin (BTC) surged by 4.3% in the past 24 hours reaching $63,422.</li>
 <li>US spot Bitcoin ETFs saw a $116.8M net inflow last week after four weeks of outflows exceeding $1B.</li>
</ul>
Today, Bitcoin (BTC) experienced a notable uptick, gaining 4.3% in the past 24 hours and reaching $63,422. This surge comes ahead of the eagerly anticipated release of macroeconomic <a href="https://thenewscrypto.com/crypto-market-under-pressure-investors-eyes-turn-to-april-cpi-report/" target="_blank" rel="noopener noreferrer nofollow">data</a> from the United States later this week.
Despite recent volatility, Bitcoin managed to <a href="https://thenewscrypto.com/bitcoin-whales-on-the-move-whats-behind-accumulation-tactics/" target="_blank" rel="noopener noreferrer nofollow">maintain its position</a> above the crucial $62,800 support level. Investors are optimistic, hoping for stronger weekly closures after weeks marked by uncertainties in the market.
In the previous week, Bitcoin saw a dip below the $60,400 support zone before finding solid footing above $61,000. However, the cryptocurrency hit a peak above $63,400 after embarking on a recovery trajectory.
<h3 class="wp-block-heading" id="h-bitcoin-btc-price-analysis-24h">Bitcoin (BTC) Price Analysis–24H</h3>
Currently, Bitcoin faces a significant resistance at $63,500. If BTC continues to rally, a successful breach above this level could pave the way for further upward movement, with a potential target of $65,000 on the horizon. Let’s check out the current market sentiment, whether BTC is swaying towards an uptrend or downtrend.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" width="1024" height="543" src="https://thenewscrypto.com/wp-content/uploads/2024/05/image-57-1024x543.png" alt="" class="wp-image-98175" srcset="https://thenewscrypto.com/wp-content/uploads/2024/05/image-57-1024x543.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-57-300x159.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-57-768x407.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/05/image-57.png 1303w" sizes="(max-width: 1024px) 100vw, 1024px">
 <figcaption class="wp-element-caption">Bitcoin (BTC) Price Chart (Source: <a href="https://in.tradingview.com/symbols/BTCUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
At the time of writing, Bitcoin is trading at the $61,944&nbsp; mark and above the 100-hourly simple moving average, with <a href="https://thenewscrypto.com/bitcoin-btc-price-prediction/" target="_blank" rel="noopener noreferrer nofollow">immediate resistance</a> at $63,300. If the trend continues, the next crucial resistance might occur at $63,900. A decisive breakthrough above the $63,900 resistance level could propel the price upward.
If Bitcoin fails to surpass the $62,000 resistance area, it may initiate another downtrend. Immediate support on the downside is anticipated near the $61,600 level. Failure to maintain this level could trigger another decline, with major support lying around $61,300. Subsequently, a downward movement towards $68,800 and potentially even the $60,500 support zone could occur in the near term.
Moreover, several factors contribute to Bitcoin’s resurgence, including a reversal in fortunes for spot <a href="https://thenewscrypto.com/blackrocks-bitcoin-etf-dominates-with-substantial-corporate-investors/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin ETFs</a> in the US. After four consecutive weeks of outflows exceeding $1 billion, there was a net inflow of $116.8 million recorded last week. Investors are optimistic about the next level of updates in the spot ETF market.
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