United

Bitcoin

when

Bitcoin&nbsp;jumped 7.54% in the past 24 hours and pushed past $65,000 amid positive United States inflation data, with traders now keeping an eye on two key indicators for a potential rise to $70,000.
Pseudonymous crypto trader Blockchain Mane told Cointelegraph they are closely observing the Gann Fans model — a key indicator that analyzes the geometric and cyclical movement of the crypto market to see if Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>)&nbsp;can “remain bullish.”
“Gann Fans are interesting, almost like a time and price momentum indicator,” they said, explaining it helps to better visualize the market cycles and price action.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/6eb4b451-1900-41cb-a206-12ef6fabae14.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 The Gann square consists of a 5x5 grid, with column one being the start of the cycle. Source: Blockchain Mane
 </figcaption>
</figure>
“In terms of Gann timing, we are at a pivot in the market cycle, directly in the center of the current square. if we pivot to the upside, then we can see a markup phase until the end of May,” they explained.
However, they warned, “if we lose this break then we will probably see the sideways, downtrend continuation until the end of May.”
The pattern has stood out to the Blockchain Mane on the same day that core inflation fell to 3.6% — its lowest level since 2021 — potentially strengthening the <a href="https://cointelegraph.com/news/bitcoin-price-64-7-k-us-cpi-core-inflation-3-year-low#:~:text=Month-on-month%20CPI%20came,other%20figures%20conforming%20to%20predictions.&amp;text=In%20so%20doing,%20core%20inflation,case%20for%20interest%20rate%20cuts.">case for interest rate cuts</a>.
Blockchain Mane is now looking for Bitcoin to flip its “previous resistance” price level of $63,000 to become its new support level, claiming this will be a “bullish indicator.”
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/45d505fb-b197-40bf-987e-1acfaa123f11.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin is currently trading at $66,085. Source: CoinMarketCap
 </figcaption>
</figure>
They would rather see “sideway price action” here while more narratives build up. Otherwise, they claim it may hinder the potential for altcoins to gain:
<blockquote data-ct-non-breakable="true">
 “If BTC pumps here and gets rejected, Alts will probably get hammered as Bitcoin’s dominance continues to rise, Alts are becoming more and more glued to BTC price action.”
</blockquote>
Bitcoin’s market cap dominance — the ratio of Bitcoin’s market cap vs. the total market cap of all other cryptocurrencies — has risen by 2.23% to 55.99% over the past seven days, according to TradingView <a href="https://www.tradingview.com/symbols/BTC.D/" target="_blank" rel="noopener nofollow">data</a>.
Related: <a href="https://cointelegraph.com/news/bitcoin-selling-pressure-ending-m2-money-supply-positive">Bitcoin selling pressure to ease? M2 money supply flips positive</a>
Meanwhile, the inverse head-and-shoulders pattern — a bullish indicator signaling the downtrend is easing and buyers are gaining market dominance — is showing that Bitcoin is due “for a bounce,” pseudonymous crypto trader Mikybull Crypto <a href="https://twitter.com/MikybullCrypto/status/1790735003401216181/photo/1" target="_blank" rel="noopener nofollow">told</a> his X followers on May 15.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/a89adec5-2f2d-43e7-9ea2-627f5dc6551d.png" alt="" title="">
 <figcaption style="text-align: center;">
 Source: Milkybull Crypto
 </figcaption>
</figure>
The inverse head-and-shoulders pattern forms a reversal setup and includes an “inverted” head and shoulders, with the left and right shoulders upside down below the neckline.&nbsp;
If the pattern continues, Bitcoin’s price could reach its next key price level of $70,000 before potentially breaking its current all-time high price of $74,580, according to Mikybull Crypto.
This would be an almost 12% jump from its current price of $66,085, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
Magazine: <a href="https://cointelegraph.com/magazine/uk-cannabis-millionaires-legal-deals-on-wheels-via-crypto-blockchain/">UK cannabis millionaire’s legal ‘deals on wheels’ via crypto</a>
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin crosses $66K as traders eye 2 key indicators for $70K target

Cointelegraph

Other articles published on May 16, 2024

Ethereum Poised for a Bullish Breakout: Key Factors Driving ETH’s Price Action

Bitcoin Whales’ Buying Dip Interest, New AI Altcoin Could Soon Surpass Eos

CME to Offer Spot Bitcoin Trading: Impact on Binance and Coinbase

RAIN Coin: The Pinnacle of Scarcity in Digital Assets

Crypto casinos can onboard millions of users into Web3 — MyPrize CEO

New Kid On The Block Will Outperform DOGE, PEPE and FLOKI This Summer As Investors Bet Big

Join our free newsletter for daily crypto updates!