Bitcoin is experiencing a resurgence after hitting a two-month low below $57,000, with a 5.2% surge in the past 24 hours. According to data from Cointelegraph Markets Pro and TradingView, the price of Bitcoin (BTC) rose from its low of $56,551 on May 1 to reach an intraday high of $62,123 on May 3.
Traders and analysts are now keeping a close eye on Bitcoin as the overall market recovery continues in the crypto markets. The key resistance level for Bitcoin’s price remains at $64,000. Similar to what happened after its drop below $60,000 before the halving event on April 20, Bitcoin is quickly approaching the $62,000 zone. This level is crucial for traders and analysts, as it has not been convincingly retested yet.
Independent trader Eliz noticed that Bitcoin was hovering around $61,783 and emphasized that despite the recovery from levels below $60,000, the obstacle to overcome is still the same. According to Eliz, $62,000 is the key level to watch on Bitcoin’s daily chart.
Fellow analyst Val Me shared a chart showing a four-hour timeframe for Bitcoin, which displayed a long green engulfing candle. He explained that the next important step is to take over $65,000 and examined the ground above $60,000.
Using exponential moving averages (EMAs) on the daily chart, crypto influencer Lark Davis pointed out that Bitcoin is currently facing resistance from the 100-day EMA at $59,972. Davis highlighted that the next major resistance is the 50-day EMA at $63,902, and it is crucial not to see a strong rejection from this level. On-chain data from market intelligence firm IntoTheBlock supports Davis’ observation. Their In/Out of the Money Around Price (IOMAP) model revealed that the 50-day EMA falls within the price range of $62,858 and $64,670, where approximately 577,220 BTC were previously bought by about 1.56 million addresses.
The same IOMAP chart showed that Bitcoin is facing significant resistance in its recovery path compared to the support it received on the downside.
Independent analyst Crypto Wealth suggested that $82,000 could be the first target for Bitcoin on the upside, but it depends on whether the $60,000 level holds. Popular analyst Ali Matinez shared a chart showing that the TD sequential indicator has sent a buy signal on the daily chart, aligning with the ongoing recovery.
Crypto trader Moustache posted a chart showing that Bitcoin has retested an ascending trendline that has supported the price since early 2023.
From a technical perspective, Bitcoin’s price action has formed a bull flag on the weekly chart, indicating a continuation of the uptrend. BTC bulls are now facing resistance from the upper boundary of the flag at $67,000. A weekly candlestick close above this level would suggest a potential breakout from the chart formation, paving the way for a new all-time high at $73,808 and potentially reaching the $80,000 mark. Beyond that, Bitcoin could rally towards the technical target of the governing chart pattern at $118,500, which would represent a 77% increase from the current price.
It is important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research when making investment and trading decisions, as every move involves risk.