Bitcoin faces a critical juncture as it approaches key price levels, according to market analyst Ali from @ali_charts.

“If #Bitcoin can reclaim $64,290 as support, it is likely to rise towards $76,610. However, if it fails to surpass $64,290, $BTC might retest support at $51,970,” Ali predicts. This forecast hinges on Bitcoin’s ability to maintain momentum and overcome key resistance points.

Analysis of Ali’s chart show that Bitcoin’s market price exceeded its realized price, suggesting a bullish sentiment among investors. Notably, Bitcoin encountered the +1.0 standard deviation (SD) line on the MVRV ratio bands in late 2023, hinting at a potential overbought market. 

Moreover, by January 2024, the price retreated below this line, signaling a cooling-off period. As of May 2024, the alignment of market and realized prices near the mean MVRV ratio indicates a normalization of market value, which could stabilize volatility.

Analyzing BTC’s daily chart, Bitcoin’s trading patterns and volume fluctuations provide deeper market insights. The price peaked at approximately $73,000 in late March before experiencing a pullback.

Additionally, the Relative Strength Index (RSI) at 49.29 and a negative MACD value reflect a neutral to slightly bearish market sentiment. These indicators suggest that Bitcoin may continue to oscillate within the $60,000 to $63,000 range until a market catalyst emerges.

The current stabilization of Bitcoin’s price around critical MVRV ratio bands might reduce future volatility. A potential breach above the +1.0 SD line could revive bullish trends, while a drop below the mean could signify bearish developments. Investors should closely monitor these indicators to gauge market temperature effectively.

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Bitcoin’s journey through these critical price levels will be decisive for its short-term performance and long-term valuation. As the market shifts, understanding these technical nuances might be essential for traders.

Read also: Dormant Bitcoin Wallet from 2011 Moves $30,000,000 Worth of BTC

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The post Expert Predicts: If Bitcoin Reclaims This Key Support Level, BTC Price Is ‘Likely’ to Hit $76,610, But There’s a Catch appeared first on CaptainAltcoin.

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