BITCOIN PRICE ANALYSIS & PREDICTION (May 6) – BTC Retests $65k Following 15% Weekly Gain But Now Losing Steam, Will It Regain Strength?

2024-5-7 19:14

Bitcoin recently underwent a serious reduction as it dipped to a two-month low. However, it has regained some lost ground in the past few days following a monthly recovery. It is facing resistance at the moment.

Last month was an ugly period for Bitcoin, witnessing a notable break below the important $60k mark. It tested the $56k level two days later and marked it as its lowest price in two months. 

During that period, the primary cryptocurrency recorded its most monthly loss since the start of the year and closed strongly bearish for the first time in eight months. 

That monthly bearish engulfing close suggested a huge sell-off from a technical standpoint but Bitcoin defied the odds and started this month on a strong positive note, rising significantly daily. 

Reclaiming several lost grounds in the past few days, the price has increased well to over $63k at the time of writing. It is not too early to start considering a leg up but Bitcoin must climb above the crucial $70k level – probably in the coming weeks. 

Should that fail to occur as a result of rejections, the bulls will have to regroup well to sustain pressure. Otherwise, the bears might step back in action and that could lead to another big drop in price. Currently, the bulls are in charge. 

Bitcoin’s Key Levels To Watch Source: Tradingview

Bitcoin’s bulls have managed to retest the $65,500 level. If they push through the $5,765 level, they may encounter resistance at $67,230 before testing $69,567. The major resistance to watch lies at $70,000. 

Currently, the bears are showing signs of interest. If the price drops, the pullback levels to consider as support are $61,765 and $59,700. The main support to watch is $56,552 (where the ascending trendline lies) before breaking down.

Key Resistance Levels: $65,765, $67,230, $69,567

Key Support Levels: $61,765, $59,700, $56,552

Spot Price: $63,630 Trend: Bullish Volatility: Moderate

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: bhubeth/123RF // Image Effects by Colorcinch

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