Bitcoin rebound imminent? Analysis of May 15, 2024
Following a period of decline to $60,000, there appears to be renewed interest in purchasing Bitcoin. Together, let's examine the prospects for the price of bitcoin in the future.
The Bitcoin logo features a red and blue background with an enraged blue bull and red bear on either side. We can see each person's power bar at the top of each.
Bitcoin (BTC) market conditions
Bitcoin faced selling pressure at $65,000, having recovered 15% from $57,000. After this rise, the cost progressively approached $60,000. At this price point, there has been a recent resurgence of interest in purchasing, which appears to be sustained to this day. And thus, for now, the cryptocurrency space is a state of uncertainty.
As of this writing, the price of Bitcoin is approximately $62,000. While the underlying trend is still bullish, the fact that the price of Bitcoin is currently below its 50-day moving average raises doubts about whether this trend will last, at least in the near run. The oscillators show that the Bitcoin dynamic is stabilising. This could indicate a possible resurgence of bullish momentum for the primary cryptocurrency, despite its current weakness.
A keen trader and investor in the cryptocurrency space, Elie FT, worked with us to do the current technical analysis. working as a trainer at Family Trading, a group of thousands of active traders using their own accounts that was founded in 2017. In a formal yet friendly setting, you will find lives, instructional materials, and mutual support regarding financial markets.
Open interest on BTC/USDT contracts has been tracking the price of Bitcoin since mid-April, indicating speculators' moderate buying activity. This moderation is indicative of an uncertain moment for investors. Liquidations were minimal in terms of significance. The financing rates linked to BTC/USDT contracts fluctuate between positive and negative, suggesting a stable and consistent level of interest in these contracts relative to their underlying.
There are three notable liquidation zones above the present price of BTC/USDT, according to the heat map of liquidations during the last month. We may observe the range from approximately $64,000 to $65,500, and even higher, from $67,000 to $68,000. Even more subdued, the region about $60,000 is noteworthy below that. The market may trigger a large number of orders if it gets close to these levels, which would raise the cryptocurrency's volatility. As a result, investors will find great interest in these places.
We can expect a break of $64,000 as long as the price of Bitcoin is able to maintain its above $60,000 level. If the bullish trend holds, the next resistance level would be in the vicinity of $67,000 and $68,000. We can see that it's even higher at $71,000 and above. That would be a gain of more than 14% at this stage.
We might consider support for purchasing interest again at $57,000 if the price of Bitcoin does not stay over $60,000. In the event that the negative momentum persists, $54,000 would be the next target to consider. A little bit lower, we have the well-known $52,000 – $50,000 level. This would amount to a decrease of almost – 19% at this point.
In summary
After swinging between a bullish and a negative phase, bitcoin is beginning to stabilise. Though there are currently indicators of weakening, there are also signs that suggest the cryptocurrency may be on the verge of a new upward momentum. Therefore, in order to validate or invalidate the current theories, it will be imperative to closely monitor the price response at various critical levels.
In each case, it's crucial to be on the lookout for potential "fake outs" and "market squeezes." Last but not least, keep in mind that these analyses are just based on technical standards and that other, more basic elements may also have a significant impact on how quickly cryptocurrency prices change.