Has there been a turnaround in Bitcoin (BTC)?

Leading cryptocurrency Bitcoin (BTC) received a reaction rise of over 4 percent after testing the $60,800 support.

The cryptocurrency market spent the week with a volatile price structure. Bitcoin (BTC), in particular, has ebbed and flowed between 2 and 4 percent for a week.

Volatility in BTC also affected altcoins. Altcoins started to lose support levels very easily, especially.

BTC tested the $60,800 support for the second time. Receiving a reaction from this support point with a small margin of deviation, BTC achieved an increase of over 4 percent.

What is the outlook on Bitcoin (BTC)?

Bitcoin (BTC) increased by 4.5 percent in the last 24 hours. Despite the rise, there is no positive outlook in BTC yet. The price action in BTC is estimated to be a reaction rise from the support point.

BTC broke the $62,000 level back into support. If it maintains this point, it can gather strength for the rise. BTC may test the $64,000 resistance with the impact of positive incoming data and news flow.

If the $64,000 resistance is overcome and persistence is achieved, the outlook for BTC may be positive. At this point, the data flow of spot Bitcoin ETFs, macroeconomic data from the USA and global crypto news will be important.

On the other hand, if BTC loses $62,000, it may retreat back to the $60,800 support. If this support point fails for the third time, the decline in BTC may intensify. The main support point of BTC is at $ 59,000 and $ 57,000.

US inflation data will be announced on May 15. By this date, BTC is expected to fluctuate between $60,800 and $64,000.