Follow Us

Bitcoin Price Prediction: Can BTC Repeat Bull Rally Above $65K?

Share on facebook
Share on twitter
Share on linkedin


Share on facebook
Share on twitter
Share on linkedin

Bitcoin (BTC) price saw a tandem surge and rippled back from the $58K mark, which is key support this week. Amidst the formation of lower low swings, BTC still traded on a bullish trajectory and is on the way to triggering a massive bull rally soon. 

This week, the Bitcoin (BTC) price triggered a recovery from the announcement of no rate changes and additional tightening in further rate cuts by the Federal Reserve Chairman in a recent event.

Meanwhile, the king of cryptocurrency, BTC price, is still molding eyes to breach the $65k to deliver a significant surge, which might lead to retesting the $70k soon.

At press time, Bitcoin (BTC) price was trading at $63,772.18, and its price had grown by 1.20% in the last 24 hrs. Moreover, the market cap has surged over 0.14% to $1.26 trillion.

Can Bitcoin (BTC) Price Reach $70K This May?

Since the start of 2024, BTC price has sailed in the bullish wave and rose over 27%, guiding the uptrend. Moreover, the coin has reached the 52-week high trajectory and still has much more room to go further.

Source: TradingView

The traditional indicators, like RSI and MACD indicators, have given a bullish crossover and suggest a further up move. 

Per the Fibonacci retracement levels, the Bitcoin (BTC) price traded above the 50% zone and is close to the 61.8% zone. Meanwhile, the price traded amid the upper and mid-Bollinger Band, signifying a drop in the volatility.

BTC Transaction Count Revealing Demand Surge

Followed by the surge in transaction count this week, Bitcoin (BTC) price recovered over 12% and reached the 20-day EMA mark. The value of the transaction count sharply rose over 21.90% and jumped to $1k, signifying the increase in demand for the coin.

Source: glassnode

Going forward, a falling wedge pattern was exhibited, and the Bitcoin (BTC) price is on the verge of crossing the trendline hurdle of $65K. Additionally, the trend is intact, and buyers are looking to repeat the bullish cycle soon.

Per the IntotheBlock indicator analysis, 90% of holders at current price in-the-money positions are in profit, whereas the 10% of holders are looking to secure their gains.

Source: IntoTheBlock

However, the derivative segment data looks stable, and short covering data was noted. The overall price behavior signifies neutrality in the intraday session, and lower price volatility was displayed.

The immediate support levels for the Bitcoin (BTC) coin are $62,500 and $61,700, whereas the key upside hurdle is around $64,600, followed $65,800


The Bitcoin (BTC) price traded with a bullish bias and is readying to deliver the delights in the next sessions. Meanwhile, the bulls have to break and close the $65k to trigger the rally ahead.


The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. 

Leave a Reply

Your email address will not be published. Required fields are marked *

Download our App for getting faster updates at your fingertips.


We Recommend

Top Rated Cryptocurrency Exchange

Update Required Flash plugin