Bitcoin traders set six-figure price targets after BTC hit $61k.
Bitcoin is recovering from a two-month low below $57,000 with a 5.2% jump in the past 24 hours.
According to data from Cointelegraph Markets Pro and TradingView, Bitcoin (BTC) price rose 9.85% from a low of $56,551 on May 1 to a high of $62,123 on May 3.
What levels should traders and analysts watch for BTC as the market recovery continues in the crypto markets?
Bitcoin price key resistance remains at $64,000
Bitcoin is quickly heading towards the $62,000 region following a fall below $60,000 before the April 20 halving event.
This is a critical point on traders' radars and one that hasn't received a compelling trial.
Independent trader Elise sees Bitcoin hovering at $61,783, and while BTC has recovered from levels below $60,000, he says, “The barrier to defeat is still the same.”
The trader stated that $62,000 is a key level on the BTC daily chart.
Fellow analyst Val Me shared a chart with BTC showing a long green engulfing candle on the four-hour time frame.
“Another important step – take it over 65k,” he explained, inspecting the land above $60,000.
Using exponential moving averages (EMAs) on the daily chart, crypto influencer Lark Davis pointed out that Bitcoin is facing resistance from the 100-day EMA, currently at $59,972. For Davis, the next major resistance was the 50-day EMA, currently sitting at $63,902, which “we don't want to see strong.”
“What we want to see now is a certain size of the definitive candle.”
Davis's observation is reinforced by on-chain data from market intelligence firm IntoTheBlock. The Out of Money Around Price (IOMAP) model shows that the 50-day EMA is in the $62,858 and $64,670 price range, with approximately 577,220 BTC already bought by 1.56 million addresses.
The same IOMAP chart shows that BTC is facing strong resistance compared to the support on the recovery path.
Related: BTC Price Chart Spots US Spot Mirroring Bitcoin ETF Launch Pattern
A bullish flag on the weekly chart projects the price of BTC to $118,000
On Levels to Watch Upward Bitcoin, independent analyst Crypto Wealth suggested $82,000 as the initial target until the $60,000 level.
Popular analyst Ali Martinez has shared a chart showing that the TD Sequence Indicator has sent a buy signal on the daily chart, with an ongoing recovery.
“Expects one to four daily candlestick returns in $BTC.”
Meanwhile, crypto trader Mustache released the following chart on X, which shows that BTC is in an upward trend that will support its price from early 2023.
“The thing is sent up high. It's just a matter of time.”
From a technical perspective, Bitcoin's price action has drawn a bullish flag on the weekly chart, indicating a continuation of the uptrend.
BTC bulls will face resistance from the upper border of the flag at $67,000. A weekly candlestick above this level suggests a potential break out of the chart formation, leading to the all-time high of $73,808 and later to the $80,000 mark.
Higher than that, Bitcoin could line up at the $118,500 administrative chart pattern technical target. Such a move represents a departure of 77% from the current price.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
