Bitcoin

April

You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-rebounds-from-two-month-low-whats-next/" data-wpel-link="internal">Bitcoin Rebounds from Two-Month Low: What’s Next?</a> 
<a href="https://en.coin-turk.com/bitcoin-bulls-secure-a-new-record-high/" data-wpel-link="internal">Bitcoin</a> is recovering from its two-month low under $57,000, with a 5.2% increase in the last 24 hours. Data from TradingView shows that Bitcoin’s price rose from a low of $56,551 on May 1st to a high of $62,123 on May 3rd, marking a 9.85% increase. As the <a href="https://en.coin-turk.com/the-imfs-concerns-over-crypto-risks-to-the-financial-system/" data-wpel-link="internal">crypto</a> markets continue to recover, investors are pondering which levels to watch. 
<h2 class="p2" style="text-align: justify" id="what-s-happening-on-the-bitcoin-front">What’s Happening on the Bitcoin Front?</h2> 
Following a dip below $60,000 before the April 20 halving event, Bitcoin is quickly advancing towards the $62,000 region. This remains a critical point on investors’ radar, yet it has not been convincingly retested. Analyst Eliz mentioned that despite Bitcoin’s recovery from below $60,000, the hurdle to overcome remains the same, highlighting $62,000 as a key level. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347604 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/eliz.jpg" alt="" width="1200" height="464"> 
Another analyst, Val Me, shared a chart showing a long green engulfing candle on the four-hour timeframe for Bitcoin, discussing the significance of the $65,000 level after examining the ground above $60,000. <a href="https://en.coin-turk.com/investor-insights-a-glimpse-into-institutional-crypto-fund-flows/" data-wpel-link="internal">Crypto</a> phenomenon Lark Davis, using exponential moving averages on the daily chart, pointed out that Bitcoin is currently facing resistance at the 100-day EMA level of $59,972. For Davis, the next major resistance is at the 50-day EMA, currently at $63,902, where a strong rejection is not desired: 
<blockquote> 
 “What we want to see now is a definite candle close with some volume above this.” 
</blockquote> 
Davis’s observation is supported by on-chain data from IntoTheBlock. The Price Surrounding Money In/Out (IOMAP) model shows that the 50-day EMA average lies between $62,858 and $64,670, where approximately 577,220 Bitcoins were previously purchased by 1.56 million addresses. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347602 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/iomap.png" alt="" width="2285" height="883"> 
<h2 class="p2" style="text-align: justify" id="noteworthy-comments-on-bitcoin">Noteworthy Comments on Bitcoin</h2> 
Independent analyst Crypto Wealth suggested that if the $60,000 level is maintained, the first target for Bitcoin could be $82,000. Popular analyst Ali Matinez shared a chart showing a buy signal on the daily chart’s TD sequential indicator, aligning with the ongoing recovery: 
<blockquote> 
 “Bitcoin is expected to recover in one to four daily candlesticks.” 
</blockquote> 
Meanwhile, crypto investor Moustache posted the following chart on X, indicating that Bitcoin is retesting a rising trend line that has supported its price since the beginning of 2023: 
<blockquote> 
 “That thing is going higher. It’s just a matter of time.” 
</blockquote> 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347601 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-3.jpg" alt="" width="1200" height="614"> 
Technically, Bitcoin’s price action has drawn a bullish flag on the weekly chart, indicating a continuation of the uptrend. Bitcoin bulls are encountering resistance at the flag’s upper boundary of $67,000. A weekly candlestick close above this level could signal a breakout from the pattern, potentially leading to an all-time high of $73,808 and possibly reaching $80,000. 
<img loading="lazy" decoding="async" loading="lazy" class="aligncenter wp-image-347600 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/haftalik.png" alt="" width="2120" height="1396"> 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-rebounds-from-two-month-low-whats-next/" data-wpel-link="internal">Bitcoin Rebounds from Two-Month Low: What’s Next?</a></h5>

Bitcoin Rebounds from Two-Month Low: What’s Next?

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