Key Price Level to Watch for Bitcoin
Amidst the recent decline in Bitcoin’s price, one analyst, Titan of Crypto, has identified the $61,500 price level as crucial to monitor for the largest cryptocurrency. This level could play a significant role in determining Bitcoin’s future price movement.
Bitcoin’s Recent Performance
On May 14, Bitcoin experienced a sharp drop to nearly $61,500, showing minimal momentum for a price rebound. While some may view this as concerning, Titan of Crypto sees it as a noteworthy event. He considers this price level to be essential and worth keeping an eye on in the Bitcoin market.
- Titan of Crypto cautions about potential market volatility surrounding Federal Reserve Chair Jerome Powell’s upcoming speech.
- He advises the community to wait for the daily candle close and confirmation before making any hasty decisions.
Bitcoin’s Bullish Outlook
Despite expecting some volatility, Titan of Crypto remains optimistic about Bitcoin’s bullish trend. He points out that the Risk-Adjusted Return Oscillator (RAR) indicator has entered the overbought territory, indicating a potential peak. However, he emphasizes that previous bull cycles have shown that Bitcoin may take several months to reach its highest point.
- The analyst notes that Bitcoin’s current price action on the daily timeframe is promising.
- He predicts a bullish target for Bitcoin at around $112,185, emphasizing the importance of patience in the cryptocurrency market.
Potential Retracement Towards $62,000
While Titan of Crypto envisions a price rally, another expert, Ali Martinez, has predicted a possible retracement in Bitcoin’s price. Martinez highlights the likelihood of Bitcoin dropping to $62,000 in the short term.
- Ali Martinez points to the 4-hour chart’s 200 Exponential Moving Average (EMA) rejecting Bitcoin and the TD Sequential indicator signaling a sell-off.
- To reverse this downward trend, Bitcoin must maintain a 4-hour candlestick close above the $64,000 level.
If the current trend continues, Martinez’s prediction of Bitcoin retracing to $62,000 could soon become a reality.
Current Bitcoin Performance
At the time of writing, Bitcoin is trading at $61,512, reflecting a 1.98% decrease in the past 24 hours. The trading volume has increased by 9.67%, while the market capitalization has dipped by 2.65% during the same period.
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