Bitcoin

Resistance

Notable

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-new-challenges-as-it-approaches-key-resistance-levels/" data-wpel-link="internal">Bitcoin Faces New Challenges as It Approaches Key Resistance Levels</a> 
<a href="https://en.coin-turk.com/bitcoin-mining-difficulty-hits-new-record-high/" data-wpel-link="internal">Bitcoin</a>, TradFi market starts the week struggling as it returns to the $67,000 level. The largest cryptocurrency is approaching a rematch with the last resistance around the all-time highs of $69,000 and $73,800. Whether it will reach this point in the coming days is the main concern of market participants, and various factors may contribute to the continuation of the bullish trend. 
<h2 class="p1" style="text-align: justify" id="what-is-happening-on-the-bitcoin-front">What Is Happening on the Bitcoin Front?</h2> 
These factors include hints of US economic policy as the Federal Reserve releases the minutes of its May meeting, while US unemployment data is also on hold. When it comes to Bitcoin price action, <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> are increasingly confident that a local bottom has been reached and that a rise will occur after two months of consolidation. Data obtained by TradingView shows that Bitcoin has returned to an upward trend this week, reaching close to $67,000 in the Asian session after briefly dipping before the weekly close. 
This short-term weakness accompanied geopolitical uncertainty in Iran, but the BTC/USD pair quickly shrugged it off as it maintained its 10% gains for May. The latest data from <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener" data-wpel-link="exclude">data analysis</a> platform CoinGlass now shows that most of the immediate general resistance is just below $68,000. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353485 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinglass-3.png" alt="" width="1127" height="749"> 
<h2 class="p1" style="text-align: justify" id="notable-statements-about-bitcoin">Notable Statements About Bitcoin</h2> 
Additional data shared by IT Tech, a contributor to the blockchain data analysis platform CryptoQuant, on X shows the liquidation levels surrounding the spot price. Market participants were in a positive mood commenting on the latest Bitcoin price action. Popular investor Crypto Damus noted that it was the first weekly rise since October 2023. Crypto Damus stated that last week’s candle erased previous losses and closed at $66,210. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353484 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-liq.jpg" alt="" width="800" height="600"> 
MNTrading trading firm’s founder and CEO Michael van de Poppe reiterated his thoughts on a steady march towards new highs for Bitcoin and shared the following statements: 
<blockquote> 
 “Bitcoin will likely continue to move in this range. I don’t expect significant volatility. I prefer to wait for consolidation and slow down upward movements towards the all-time high.” 
</blockquote> 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-353483 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/market-cap-1.webp" alt="" width="1586" height="844"> 
Van de Poppe also added that he expects altcoins to perform better during this period, as they have suffered more severe losses during Bitcoin’s consolidation phase, and shared the following statements: 
<blockquote> 
 “Slow upward progress, slow but steady steps towards a vertical move in Q3/Q4.” 
</blockquote> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-faces-new-challenges-as-it-approaches-key-resistance-levels/" data-wpel-link="internal">Bitcoin Faces New Challenges as It Approaches Key Resistance Levels</a></h5>

Bitcoin Faces New Challenges as It Approaches Key Resistance Levels

Table of Contents

COINTURK NEWS

Other articles published on May 20, 2024

Is It Too Late To Buy GOME? Game Of Memes Explodes 400% As Experts Say Consider This Crypto Casin...

Prometheum Soft Launches Ethereum Custody Service

Bitcoin Gains Momentum as Bulls Hold

Bitcoin Wallet Creations at a Remarkable Low Since 2018

Wealth Creation: Experts Back BEFE Coin’s $100 to $200,000 Prognosis!

Polimec Brings Decentralized Fundraising to Polkadot

Join our free newsletter for daily crypto updates!