{"id":606493,"date":"2024-05-03T22:00:47","date_gmt":"2024-05-03T22:00:47","guid":{"rendered":"https:\/\/wncen.com\/?p=606493"},"modified":"2024-06-11T13:50:51","modified_gmt":"2024-06-11T13:50:51","slug":"bitcoin-price-surges-towards-61000-eyeing-potential-breakout-to-67-68k-range","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-surges-towards-61000-eyeing-potential-breakout-to-67-68k-range\/","title":{"rendered":"Bitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range"},"content":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its<\/span> bullish momentum<\/span><\/a>, with the Bitcoin price reclaiming the crucial $61,000 threshold.\u00a0<\/span><\/p>\n

This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger.<\/span><\/p>\n

Bitcoin Bulls Eye $68,000<\/span><\/h2>\n

According <\/span><\/a>to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance.<\/span><\/p>\n

Related Reading: Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000<\/a><\/div>\n

Analyzing the recent correction in the Bitcoin price, analyst Crypto Con <\/span>suggests <\/span><\/a>that the market correction was necessary for the long-term price trajectory.\u00a0<\/span><\/p>\n

The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator <\/span>support <\/span><\/a>zones, such as the Directional Movement Index, indicate a healthy price consolidation.<\/span><\/p>\n

In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC whales buying spree in the past 24 hours. Source: Ki Young Ji on X<\/a><\/figcaption><\/figure>\n

According to their <\/span>data<\/span><\/a>, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price.<\/span><\/p>\n

Bitcoin Price Poised For Bullish Surge<\/span><\/h2>\n

Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, <\/span>suggesting <\/span><\/a>that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.\u00a0<\/span><\/p>\n

This occurrence has historically been followed by an upward <\/span>price movement<\/span><\/a> in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure.<\/span><\/p>\n

Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst<\/a><\/div>\n

Another positive signal <\/span>highlighted <\/span><\/a>by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.\u00a0<\/span><\/p>\n

\"Bitcoin
BTC’s supertrend buy signal. Source: Titan of Crypto on X<\/a><\/figcaption><\/figure>\n

The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the <\/span>cycle top <\/span><\/a>is approximately 19 months, indicating the potential for a sustained upward trend.<\/span><\/p>\n

\"Bitcoin
The daily chart shows BTC’s price recovery over the past 24 hours. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n

Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends.<\/span><\/p>\n

Featured image from Shutterstock, chart from TradingView.com <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC), the largest cryptocurrency in the market, has experienced a notable resurgence in its bullish momentum, with the Bitcoin price reclaiming the crucial $61,000 threshold.\u00a0 This recovery follows a week-long downtrend that led to a 20% drop to $56,000 on Wednesday. As the bullish momentum returns, the possibility of further testing upper resistance levels and reclaiming previously lost price levels grows stronger. Bitcoin Bulls Eye $68,000 According to market expert Justin Bennett, a recovery of the $61,000 resistance level would open up potential areas such as $67,000 to $68,000. However, at the present moment, this level continues to pose a significant resistance. Related Reading: Standard Chartered Bank Analysts Sound Warning Alarm: Bitcoin Price Can Still Drop To $50,000 Analyzing the recent correction in the Bitcoin price, analyst Crypto Con suggests that the market correction was necessary for the long-term price trajectory.\u00a0 The full retest of the 20-week Exponential Moving Average (EMA) support at $56,700 and the return to indicator support zones, such as the Directional Movement Index, indicate a healthy price consolidation. In addition to the technical indicators, on-chain and market data analytics firm CryptoQuant’s founder and CEO, Ki Young Ju, highlights the current bullish sentiment.\u00a0 According to their data, whales accumulated a significant amount of Bitcoin, totaling 47,000 BTC, within the past 24 hours. This increased accumulation by large investors further bolsters the positive outlook for Bitcoin’s price. Bitcoin Price Poised For Bullish Surge Crypto analyst Titan of Crypto has provided further bullish predictions for the Bitcoin price, suggesting that recent corrections have resulted in the grabbing of leverage longs liquidity. In addition, the Stochastic Relative Strength Index (RSI)on the 5-day chart is on the verge of crossing into bullish territory.\u00a0 This occurrence has historically been followed by an upward price movement in Bitcoin, leading to higher highs. Such a pattern has the potential to fuel renewed investor confidence and attract further buying pressure. Related Reading: Why This Crypto Bull Run Might Not Live Up To The Past: Analyst Another positive signal highlighted by Titan of Crypto is the recent buy signal generated by the Supertrend indicator, as seen in the chart below. This technical tool helps identify trends in an asset’s price movement.\u00a0 The buy signal, which occurred just three months ago, implies that Bitcoin may still have significant room for growth before reaching its cycle top. According to the analyst, historical data suggests that the average duration from the buy signal to the cycle top is approximately 19 months, indicating the potential for a sustained upward trend. Currently trading at $61,600, Bitcoin has seen a significant increase of 4.7% in the last 24 hours alone. It remains to be seen if BTC will successfully break above resistance levels, while also challenging the ability of previously retested support levels to withstand potential future downtrends. Featured image from Shutterstock, chart from TradingView.com<\/p>\n","protected":false},"author":589,"featured_media":606494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,485,656,679,6047,680,1119,1144,8390,78790,6664,14690,1558],"class_list":["post-606493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-chart","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-action","tag-bitcoin-price-analysis","tag-btc","tag-btcusd","tag-btcusd-price","tag-btcusdt","tag-crypto","tag-crypto-news","tag-cryptocurrency"],"acf":[],"yoast_head":"\nBitcoin Price Surges Towards $61,000, Eyeing Potential Breakout To $67-$68k Range<\/title>\n<meta name=\"description\" content=\"Bitcoin has experienced a notable resurgence in its bullish momentum, 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Ronaldo recognizes that patterns exist within the chaos of crypto charts, and by utilizing technical analysis tools and indicators, he can unlock hidden opportunities and make informed investment decisions. His dedication to mastering this analytical approach has allowed him to navigate the volatile crypto market with confidence and precision. Ronaldo's commitment to his craft goes beyond personal gain. He is passionate about sharing his knowledge and insights with others, empowering them to make well-informed decisions in the crypto space. Ronaldo's writing is a testament to his dedication, providing readers with meaningful analysis and up-to-date news. He strives to offer a comprehensive understanding of the crypto industry, helping readers navigate its complexities and seize opportunities. Outside of the crypto realm, Ronaldo enjoys indulging in other passions. As an avid sports fan, he finds joy in watching exhilarating sporting events, witnessing the triumphs and challenges of athletes pushing their limits. Furthermore, His passion for languages extends beyond mere communication; he aspires to master German, French, Italian, and Portuguese, in addition to his native Spanish. Recognizing the value of linguistic proficiency, Ronaldo aims to enhance his work prospects, personal relationships, and overall growth. However, Ronaldo's aspirations extend far beyond language acquisition. He believes that the future of the crypto industry holds immense potential as a groundbreaking force in history. With unwavering conviction, he envisions a world where cryptocurrencies unlock financial freedom for all and become catalysts for societal development and growth. Ronaldo is determined to prepare himself for this transformative era, ensuring he is well-equipped to navigate the crypto landscape. 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