Strong

Bitcoin

Momentum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-surges-with-strong-momentum/" data-wpel-link="internal">Bitcoin Surges with Strong Momentum</a><br></p>
<p style="text-align: justify"><strong><a href="https://en.coin-turk.com/bitcoin-poised-for-parabolic-rally-says-crypto-analyst/" data-wpel-link="internal">Bitcoin</a></strong>, the flagship of cryptocurrencies, has recently gained attention with its rapid rise. According to recent <a href="https://newslinker.co/" data-wpel-link="exclude">data</a>, Bitcoin’s <a>price</a> increased by approximately 8%, overcoming many obstacles and consolidating its gains. A correction towards the critical level of $65,000 is expected.</p> 
<h2 style="text-align: justify" id="bitcoin-at-a-critical-level">Bitcoin at a Critical Level</h2> 
<p style="text-align: justify">Bitcoin’s strong rise began by clearing the $63,500 resistance zone and is currently trading above $65,000. Notably, there was a break above a significant downtrend line set by the $61,500 resistance on the hourly chart of the BTC/USD pair. This break indicates a strengthening bullish trend and suggests the pair may maintain its upward trend in the short term.</p> 
<p style="text-align: justify">Bitcoin <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> formed a strong base above the $60,000 support zone and started a new increase above the $62,000 level. However, it is essential to note the significant resistance levels at $66,850 and $67,200. A clear move above the $67,200 level could push the price higher and increase the likelihood of testing the $68,000 resistance.</p> 
<h2 style="text-align: justify" id="btc-failed-to-break-above-66-400">BTC Failed to Break Above $66,400</h2> 
<p style="text-align: justify"><strong>Bitcoin</strong> price recently failed to break above the $66,400 resistance zone, which could trigger a downward correction. Market participants believe that a close below critical support levels indicates that Bitcoin may experience further declines. Currently, an immediate support is near the $65,150 level.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-351932 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/bitcoin-5.png" alt="" width="1814" height="798"></p> 
<p style="text-align: justify">The first major support level Bitcoin faces is $64,500. If a close occurs below this level, the price is expected to drop towards $63,500 or $61,073. In this case, Bitcoin is likely to head towards the $63,000 support zone in the near term.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-say-in-the-short-term">What Do Technical Indicators Say in the Short Term?</h2> 
<p style="text-align: justify">When examining technical indicators, the four-hour MACD is currently gaining momentum in the bullish zone. Similarly, the four-hour RSI (Relative Strength Index) is above the 50 level for <strong>BTC/USD</strong>. These indicators suggest that the price may face some resistance in the short term, but declines could be limited.</p> 
<p style="text-align: justify">The primary support levels are set at $65,150 and then $64,500. Below these levels, Bitcoin is thought to have further downside potential. On the other hand, in a potential bullish scenario, resistance levels above $66,400 are set at $66,800 and $67,200.</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-surges-with-strong-momentum/" data-wpel-link="internal">Bitcoin Surges with Strong Momentum</a></h5>

Bitcoin Surges with Strong Momentum

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