Bitcoin (BTC) is currently trading with a bullish bias, with the cryptocurrency rising to its highest level in over a month.
As the asset shows strength, the market remains nervous about its next move, especially if Bitcoin is poised to regain new record highs.
Looking ahead to the next Bitcoin price trajectory, crypto analysts say R Linda was pointed out in TradingView In a May 18 post, the bulls are ready to challenge Bitcoin's resistance. According to the analyst, buyers successfully defended the $64,500 to $65,000 support range and pushed Bitcoin's price higher after testing the $67,250 resistance.
She noted that the lack of subsequent declines suggests consolidation before the breakdown. This indicates that bulls are accumulating positions with a breakout target in mind and preparing for a sustained rally.
Key levels to focus on
Meanwhile, analysts believe that as Bitcoin shows bullish momentum, key resistance levels to watch are $67,250, $71,500, and $73,700, and key support levels are $65,250, $64,500, and $61,500. He pointed out that.
In particular, high interest from investors and a good fundamental background can lead to significant price increases. The analysis suggests that a break through these resistance levels could pave the way for continued bullish momentum.
“Bitcoin looks quite bullish for now. High interest rates and a good fundamental backdrop could influence price appreciation. At the moment, it’s worth keeping an eye on these levels and seeing a breakout. It could lead to a continuation of the movement and the target is indicated in the chart,” the expert said.
whole, R Linda Based on Bitcoin’s local time frame, we noted that there are signs of the end of the repositioning and the beginning of the formation of a potentially significant third wave.
Additionally, the analyst noted that Bitcoin is consolidating with a significant amount of trading accumulated by strong buyers. This consolidation phase is very important because if buyers remain persistent, it could move into the distribution phase and further drive the bullish trend.
Notably, Bitcoin's continued bullish momentum continued following April's CPI release, which showed data showing slowing inflation and increased interest from retail and institutional investors in exchange-traded funds (ETFs). It's something that continues. This marks a steady recovery for Bitcoin, which started in the red zone in May and fell to $56,000.
Bitcoin price analysis
At the time of writing, Bitcoin was trading at $67,290, an increase of 1% per day. On the weekly chart, Bitcoin is up about 11%.
Elsewhere, Bitcoin technical indicators are pointing to bullish sentiment.Daily gauge summary taken from TradingView The moving average indicates a “strong buy” at 13, while the oscillator remains “neutral” at 8.
In fact, Bitcoin is poised to reach new record highs, and this record is possible if the cryptocurrency can regain $70,000.
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