Bitcoin

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<h2 id="key-points">Key Points</h2>
<ul>
 <li>Bitcoin (BTC) price is moving closer to the crucial $60,000 mark following a dip to $56,500.</li>
 <li>Bitcoin’s price bounce is expected to continue as the Relative Strength Index (RSI) data seeks to bolster a budding bullish narrative.</li>
</ul>
<p>On May 2, the price of <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) neared $59,000 as the previous swing lows acted as a price floor for BTC.</p>
<h2 id="bitcoin-price-nears-60-000">Bitcoin Price Nears $60,000</h2>
<p>Data indicates that BTC/USD is edging closer to the significant $60,000 zone. This comes after Bitcoin’s price had fallen to $56,500. However, it received a boost from the dovish economic guidance by the U.S. Federal Reserve.</p>
<p>The Federal Reserve’s decision to leave interest rates unchanged was expected. Jerome Powell, the Fed Chair, reiterated plans to reduce them sometime before the year ends. His statement during a press conference suggested that reducing policy restraint too soon or too much could reverse the progress made on inflation.</p>
<h2 id="bitcoin-s-bullish-trajectory">Bitcoin’s Bullish Trajectory</h2>
<p>Risk assets reacted positively to these developments, and BTC/USD continued to show resilience despite earlier sell-side pressure. If Bitcoin can maintain these lows and move upwards, it will qualify as a typical bull market continuation chart construction, according to veteran trader Peter Brandt.</p>
<p>Despite the current BTC price pullback from new all-time highs, it is milder compared to historical bull markets. “Welcome to a more middle of the road Bitcoin bull market correction. P.S. it has been much worse literally every other bull cycle,” confirmed Checkmate, the lead on-chain analyst at Blockchain data firm Glassnode.</p>
<p>Others are looking ahead, expecting the BTC price bounce to continue. The Relative Strength Index (RSI) data, particularly on daily timeframes, is seeking to reinforce a fledgling bullish narrative. The daily RSI is at its lowest levels since August 2023, a time when BTC/USD was also violating key support trendlines before reclaiming them and heading to new highs.</p>

Peter Brandt Predicts Normal Bitcoin Value Adjustment if $56K Lows Continue

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