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Bitcoin Price Prediction
On Saturday morning, Bitcoin remained in the spotlight, experiencing a recent price increase to $63,375. Throughout this week, the leading cryptocurrency has demonstrated resilience, achieving a slight rise of 0.22%. Currently situated above a significant pivot point of $61,650, Bitcoin’s path appears set for further advancement towards $70,000.
With a trading volume nearing $32.77 billion over the past 24 hours and a market capitalization of nearly $1.25 trillion, ongoing developments are shaping Bitcoin price forecasts.
Bitcoin Price Prediction
From a technical perspective, the essential price levels to monitor for Bitcoin include the pivot point at $61,651. Above this threshold, immediate resistance is located at $64,564, followed by additional resistance levels at $67,084 and $69,356.
On the downside, the immediate support level is at $59,164. If Bitcoin declines further, the next support levels to observe are $56,677 and $54,336.
Bitcoin’s recent performance on the 4-hour chart reflects a bullish trend, characterized by a crossing above the 50-day Exponential Moving Average (EMA) at $61,574, which had previously served as resistance.
#Bitcoin maintains its bullish trend, remaining above the crucial $61,651. Monitor resistance levels at $64,564, $67,084, & $69,356. Support starts at $59,164 with additional levels at $56,677 & $54,336. RSI at 63 indicates strong buying. #CryptoTrading #TechnicalAnalysis pic.twitter.com/kaTZnzjdzK
— Arslan Ali (@forex_arslan) May 4, 2024
#Bitcoin maintains its bullish trend, remaining above the crucial $61,651. Monitor resistance levels at $64,564, $67,084, & $69,356. Support starts at $59,164 with additional levels at $56,677 & $54,336. RSI at 63 indicates strong buying. #CryptoTrading #TechnicalAnalysis pic.twitter.com/kaTZnzjdzKThe emergence of a ‘three white soldiers‘ candlestick pattern indicates a strong likelihood of sustained bullish momentum. Nevertheless, there is notable resistance around $63,200, where a downward channel may temporarily hinder upward progress.
If Bitcoin surpasses this level, it may quickly approach the next resistance point at $64,564.
A further bullish breakout could potentially drive 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 positive outlook, reflecting a prevailing bullish sentiment in the market.
Bitcoin Price Prediction – Source: Tradingview
Technical Indicators:
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- RSI: 63, indicating strong buying pressure.
- 50 EMA: $61,574, now functioning as support following the breakout.
Considering these factors, the market conditions for Bitcoin remain favorable above the $61,651 pivot point. This level is critical; staying above it suggests the potential for upward movement towards the specified resistance levels. Conversely, a drop below this pivot could initiate a significant sell-off, targeting initial support at $59,164 and possibly lower levels if bearish pressure escalates.
Conclusion: Bitcoin is positioned for potential further gains if it stays above the pivotal $61,651 mark. Traders should closely observe this level, as remaining above it could lead to testing higher resistances at $64,564 and beyond.
However, falling below $61,651 could result in Bitcoin retreating towards lower support levels, prompting the market to reassess its bullish outlook. The current technical setup highlights a critical juncture for Bitcoin’s short-term price direction.
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The post Bitcoin Price Prediction: BTC Surges to $63,375, Eyeing $70,000 as Buying Intensifies appeared first on Cryptonews.
