Bitcoin Price Prediction: BTC Rises to $63,375 as Buying Intensity Increases
Bitcoin’s recent price surge to $63,375 continued to attract attention on Saturday morning. This week, Bitcoin, the leading digital currency, has shown resilience by recording a modest increase of 0.22 percent. Bitcoin is currently above the pivot point of $61,650 and seems ready for further exploration towards $70,000.
Bitcoin price is influenced by ongoing developments. With a trading volume of approximately $32.77 billion per day and a total market capitalization of nearly $1.25 trillion, current events are an important factor.
Bitcoin Price Prediction
The pivot point for Bitcoin is $61,651. Above this level, immediate resistance is at $64,564. Further resistance levels then lie at $67,084 and $69,356.
Immediate support level on the downside is at $59,164. If Bitcoin turns lower, watch for $56,677 or $54,336 as the next support levels.
Bitcoin’s recent 4-hour activity shows a bullish bias as indicated by a cross above the 50-day Exponential Moving Average at $61,574, previously a resistance.
#Bitcoin continues its bullish trend by staying above the crucial $61,651. Look for resistance levels at $64,564, $67,084, and $69,356. Support starts at $59,164 and continues at $56,677 and $54,336. RSI of 63 indicates strong buying. #CryptoTrading #TechnicalAnalysis pic.twitter.com/kaTZnzjdzK
— Arslan Ali (@forex_arslan) May 4, 2024
A “three white soldiers” candlestick pattern suggests that the bullish momentum may continue. However, there is a resistance level at around $63,200, where a channel to the downside could temporarily limit the upside.
If Bitcoin breaks above this level, it could quickly approach the next resistance at $64,564.
After a clear break of the double top pattern at $67,000, another bullish breakout could push Bitcoin to higher resistance levels like $67,084 or even $70,000. This optimistic outlook is supported by the Relative Strength Index, which currently stands at 63. It indicates a predominantly bullish market sentiment.
Technical Indicators
- RSI: The 63 indicates strong buying pressure.
- 50 EMA: After the break, $61,574 is now used as support.
Market conditions for Bitcoin remain favorable above the $61,651 pivot point. Holding above this pivot point suggests there is potential for further increases to the resistance levels. A breakdown below this pivot point can trigger a major sell-off targeting the initial support at $59,164 and possibly even lower levels if bearish pressure increases.
Conclusion: Bitcoin could see further gains as long as it stays above the $61,651 pivot level. Traders are advised to monitor this level as remaining above it could prompt them to test higher resistance levels at $64,564 or above.
If Bitcoin falls below $61,651, the market could reconsider its bullish stance. The current technical setup highlights the crucial moment for Bitcoin’s short-term price action.
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Disclaimer: Cryptocurrencies are a high-risk asset class. This article is for informational purposes only and does not constitute investment advice. You can lose all your capital.
