Bitcoin Price Prediction: BTC Surges to $63,375, Eyeing $70,000 as Buying Intensifies
The post Bitcoin Price Prediction: BTC Surges to $63,375, Eyeing $70,000 as Buying Intensifies appeared first on Cryptonews.
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.
Bitcoin Price Prediction – Source: Tradingview
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.
99Bitcoins, a leader in digital education, is transforming the way users learn about cryptocurrency through its ‘learn-to-earn’ platform. Participants can enhance their knowledge while earning $99BTC tokens, effectively growing both their expertise and their investment portfolios.
The current presale of $99BTC tokens is catching the attention of savvy investors, offering an enticing entry price for early participants.
This presale presents a rare chance for early investors to secure $99BTC tokens at a competitive price of $0.00103 each. These tokens are not just a reward mechanism but also provide access to premium content and additional perks within the community.
To date, the presale has amassed $1,012,568., progressing towards a goal of $1,711,230. With just over three days left until the next pricing stage, this is a pivotal moment to invest in $99BTC and start benefiting from immediate staking opportunities.
The post Bitcoin Price Prediction: BTC Surges to $63,375, Eyeing $70,000 as Buying Intensifies appeared first on Cryptonews.
Georgia Democrat Rep. Hank Johnson, a strong proponent of Supreme Court reform, says term limits for
As the 2024 election showdown between Vice President Kamala Harris and former President Trump reaches
Hours after Hamas leader Yahya Sinwar was killed by Israeli forces, Iran remembered Sinwar as a