On Saturday morning, Bitcoin continued to command attention, with a recent price uptick to $63,375. This week, the foremost digital currency has shown resilience, registering a modest 0.22% rise. Currently positioned above a critical pivot point of $61,650, Bitcoin’s trajectory seems poised for further exploration towards $70,000.
With a trading volume of around $32.77 billion in 24 hours and a market cap of almost $1.25 trillion, ongoing developments influence Bitcoin price predictions.
On the technical front, the key price levels to watch for Bitcoin include the pivot point, which stands at $61,651. Above this level, the immediate resistance is found at $64,564, followed by further resistance levels at $67,084 and $69,356.
On the downside, the immediate support level is at $59,164. Should Bitcoin move lower, the next support levels to watch are $56,677 and $54,336.
Bitcoin’s recent activity on the 4-hour timeframe illustrates a bullish trend, marked by a crossing above the 50-day Exponential Moving Average (EMA) at $61,574, which previously acted as resistance.
📈 #Bitcoin continues its bullish trend, staying above pivotal $61,651. Watch for resistance levels at $64,564, $67,084, & $69,356. Support begins at $59,164 with further levels at $56,677 & $54,336. RSI at 63 signals strong buying. #CryptoTrading #TechnicalAnalysis pic.twitter.com/kaTZnzjdzK
— Arslan Ali (@forex_arslan) May 4, 2024
The formation of a ‘three white soldiers‘ candlestick pattern suggests a strong possibility for continued bullish momentum. However, there is a noted resistance at approximately $63,200, where a downward channel may temporarily restrict upward movement.
Should Bitcoin break above this threshold, it may swiftly approach the next resistance level at $64,564.
A further bullish breakout could potentially propel Bitcoin towards higher resistance levels of $67,084 and even $70,000, following a clear breach of a double-top pattern near $67,000. The Relative Strength Index (RSI), currently at 63, supports this optimistic outlook, indicating a dominant bullish sentiment in the market.
Technical Indicators:
- RSI: 63, indicating strong buying pressure.
- 50 EMA: $61,574, now acting as support after the breakout.
Given these factors, the market condition for Bitcoin remains favorable above the $61,651 pivot point. This level is crucial; maintaining above it suggests potential for higher climbs towards the outlined resistance markers. Conversely, a dip below this pivot could trigger a significant sell-off, targeting initial support at $59,164 and potentially lower levels if bearish pressure intensifies.
Conclusion: Bitcoin is poised for potential further gains if it remains above the pivotal $61,651 mark. Traders should monitor this level closely as staying above it could lead to testing higher resistances at $64,564 and beyond.
However, falling below $61,651 could see Bitcoin retreat towards lower support levels, with the market reassessing its bullish stance. The current technical setup underscores the critical juncture for Bitcoin’s short-term price trajectory.
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