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- 1 BTC’s on-chain metrics are suggesting an upward rally from here.
- 2 Key indicators hint that the bitcoin price might trigger an upcoming 5% rally shortly.
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
Conclusion
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.
Disclaimer
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.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
