Ethereum

Bitcoin

Strong

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/did-bitcoin-reach-its-peak" data-wpel-link="internal" rel="noopener noreferrer nofollow">Did Bitcoin Reach Its Peak?</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/bitcoins-plunge-unpacking-the-five-key-factors" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> experienced an uptick last week but remains within a wide trading range, leaving investors questioning whether it has peaked or if the rally will persist. The TLDR analyst “ELI5” revealed that on-chain <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">data shows</a> five out of seven indicators pointing to a new <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="external">bull market</a>, while two suggest a peak formation.</p>
<h2 id="bitcoin-s-potential-growth">Bitcoin’s Potential Growth</h2>
<p style="text-align: justify">Bitcoin’s recent rebound from the $60,000 support level has sparked interest in spot Bitcoin exchange-traded funds. Data from Farside Investors indicates an influx of around $950 million last week, marking the best performance since March. Continued inflows could sustain Bitcoin’s upward momentum.</p>
<p style="text-align: justify">Markus Thielen, research director at 10x Research, suggested that Bitcoin might rise further. According to Thielen, if Bitcoin’s ETF model surpasses $67,500, it could achieve new highs, which seems to be coming to fruition.</p>
<h2 id="will-the-sp-500-maintain-its-upward-trend">Will the S&amp;P 500 Maintain Its Upward Trend?</h2>
<p style="text-align: justify">The S&amp;P 500 Index (SPX) hit an all-time high on May 15, reflecting bullish market control. However, bears could still influence the market. They might target the 5,265 level to pull the price below the breakout point, potentially weakening the upward momentum and causing a drop to the 20-day exponential moving average (5,202).</p>
<p style="text-align: justify">A strong bounce from the moving averages could signal a continuation of the upward trend, with the index possibly aiming for 5,500.</p>
<h2 id="short-term-bitcoin-price-analysis">Short-term Bitcoin Price Analysis</h2>
<p style="text-align: justify">Bitcoin has been hovering around $68,000 for the past three days, with a recent rise linked to news about the spot Ethereum ETF. The rising 20-day EMA ($64,371) and the RSI in the positive zone suggest an upward trajectory for Bitcoin. If the price surpasses $70,000, BTC/USDT could aim for $73,777. However, bears might apply strong selling pressure in this area.</p>
<h2 id="key-takeaways-for-investors">Key Takeaways for Investors</h2>
<p style="text-align: justify">Investors should consider the following points:</p>
<ul>
 <li>Monitor Bitcoin’s support level at $60,000 for potential buying opportunities.</li>
 <li>Observe inflow trends in spot Bitcoin ETFs to gauge market interest.</li>
 <li>Watch for Bitcoin’s ETF model movement above $67,500 as a signal for new highs.</li>
 <li>For the S&amp;P 500, keep an eye on the 5,265 level as a critical point for market direction.</li>
 <li>Strong rebounds from key moving averages could indicate continued upward momentum.</li>
</ul>
<p style="text-align: justify">Moving averages serve as crucial support levels. A break below these averages could signal a bearish trend, potentially bringing Bitcoin’s price down to $59,600 and then to $56,552.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/did-bitcoin-reach-its-peak" data-wpel-link="internal" rel="noopener noreferrer nofollow">Did Bitcoin Reach Its Peak?</a></h5>

Did Bitcoin Reach Its Peak?

Table of Contents

BH NEWS

Other articles published on May 20, 2024

XRP Poised for Bull Run as Bitcoin Dominance Declines: Analyst Predicts

Litecoin (LTC) Whales Waking Up: Details

Dogecoin Founder Issues Important Malware Warning to Advertisers

Warped Universe: A Truly Community-Centric Game. Interview with Scott Brown, President of Warped ...

XRP Price Still at Risk: Will It Face Another Downside Break?

Prometheum Launches Ethereum Custody Service, Classifies ETH as Security

Join our free newsletter for daily crypto updates!