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Is It Time for Bitcoin to Rise? Famous Analyst Pointed to $80,000.
In a repeat of the move that followed its decline below $60,000 before the April 20 halving event, Bitcoin is rapidly moving towards the $62,000 region. This is the critical point on investors' radar and has not been subjected to a convincing retest. Analyst Eliz said that although Bitcoin has recovered from levels below $ 60,000, the obstacle to be overcome is still the same and explained that the $ 62,000 level is the key level.
Another analyst, Val Me, shared a chart showing a long green engulfing candle with Bitcoin on the four-hour time frame, examining the ground above $60,000 and expressing the importance of the $65,000 level. Crypto influencer Lark Davis, who uses exponential moving averages on the daily chart, pointed out that Bitcoin is currently facing resistance at the 100-day EMA average at $59,972. The next major resistance for Davis is the 50-day EMA average, currently at $63,902, where we do not want to see a strong rejection:
Davis' observation is supported by on-chain data from data analysis firm #IntoTheBlock The Entry/Exit Around the Money Price (IOMAP) pattern showed that the 50-day EMA average is in the price range of $62,858 and $64,670; Here, approximately 577,220 #Bitcoins were previously purchased by 1.56 million addresses.
