Bitcoin (BTC) is experiencing a resurgence after hitting a two-month low below $57,000, with a 5.2% surge in the past 24 hours. Data from Cointelegraph Markets Pro and TradingView shows that Bitcoin’s price increased from a low of $56,551 on May 1, rising by 9.85% to reach an intraday high of $62,123 on May 3.
Traders and analysts are now keeping an eye on key levels for BTC as the overall recovery continues across the cryptocurrency markets. One crucial level to watch is $64,000, which Bitcoin has not yet convincingly retested. Independent trader EliZ observed that Bitcoin was hovering around $61,783 and stated that despite its recovery from levels below $60,000, the obstacle to overcome remains the same. According to EliZ, $62,000 is the key level to watch on Bitcoin’s daily chart.
Another analyst, Val Me, shared a chart showing a long green engulfing candle on BTC’s four-hour timeframe. She explained that the next important step for Bitcoin is to surpass $65,000. Using exponential moving averages on the daily chart, crypto influencer Lark Davis pointed out that Bitcoin is facing resistance from the 100-day EMA, currently at $59,972. Davis also highlighted the 50-day EMA as the next major resistance, which is currently at $63,902.
This observation is supported by on-chain data from market intelligence firm IntoTheBlock. Their In/Out of the Money Around Price (IOMAP) model revealed that the 50-day EMA falls within the price range of $62,858 to $64,670, where around 577,220 BTC was previously purchased by approximately 1.56 million addresses.
However, BTC is facing strong resistance in its recovery journey compared to the support it had on the downside, as shown by the IOMAP chart. Independent analyst Crypto Wealth suggested that $82,000 could be the first target for Bitcoin on the upside, assuming that the $60,000 level holds. Popular analyst Ali Martinez shared a chart indicating that the Tom Demark (TD) Sequential indicator had given a buy signal on the daily chart, aligning with the ongoing recovery. Additionally, crypto trader Moustache shared a chart showing that BTC had retested an ascending trendline that has been supporting the price since early 2023.
From a technical standpoint, Bitcoin’s price action has formed a bull flag pattern on the weekly chart, suggesting a continuation of the uptrend. BTC bulls now face resistance from the upper boundary of the flag at $67,000. A weekly candlestick close above this level could signal a potential breakout from the chart formation, clearing the path to the all-time high of $73,808 and potentially to the $80,000 mark. Beyond that, Bitcoin could rally towards the technical target of $118,500, representing a 77% increase from the current price.
It’s important to note that this article does not provide investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.