2024-5-14 19:19 |
The latest surge in Bitcoin’s price seemed to have restored bullish hope as it bounced off a key level last week. It reiterated positive actions today and is now looking poise for a shift amid a fresh surge.
Starting this month on a bullish note, Bitcoin recovered nicely from a two-month low and climbed back above the important $60,000 level. It further increased and tested exactly the $65,500 level last week.
But unfortunately for the bulls, the buying pressure stopped due to a sudden rejection and the price rolled back to the mentioned important level last Friday. The bulls reacted strongly to that level and pushed back the following day, closing that week well above $61,000.
Today, the bulls reiterated actions and advanced straight to a daily high of $63,295. The daily high was rejected. This bullish attempt is a good start for the primary cryptocurrency but we need to see a weekly close above the $66,000 level.
Meanwhile, on the 4-hour chart, Bitcoin’s trend is already shifting to the upside. Failure to push above last week’s high could slow down the shift and in turn, trigger another price reduction.
Right now, the bulls are taking charge on a daily scale. More positive actions are likely to surface if volume continues to flow into the market.
Bitcoin’s Key Levels To Watch Source: TradingviewIn the latest surge, Bitcoin’s next target would be $65,500 if the price closes well above the current daily high. Going further, the $67,230 and $69,567 levels are the next resistance to watch for an increase.
Now that the market is supported by the $60,200 level, a drop below it could bring us back to the $60,000 and $58,000 supports. Below it lies the major $56,552 support.
Key Resistance Levels: $65,500, $67,230, $69,567
Key Support Levels: $60,200, $58,000, $56,552
Spot Price: $62,907 Trend: Bullish Volatility: ModerateDisclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Image Source: fellowneko/123RF // Image Effects by Colorcinch
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