Is This The Only Chance To Buy Bitcoin At $62,000 Before $100,000? – BTC analysis by CoinGape
Despite fighting to recover from the post-halving correction to $56,500, Bitcoin (BTC) is heavily weighed down, holding firmly to support at $62,000 on Wednesday.
The weekend momentum spilled into this week but later waned as BTC approached $65,000 on Monday.
With the trading volume staying unchanged in the last 24 hours at $25 billion, Bitcoin may continue to hold steady to the end of the week.
The uncertainty witnessed in the crypto market has been mirrored by Bitcoin ETFs, whose impact drove the largest crypto to a new all-time high in March.
According to recent data shared by SoSoValue, the outflow volume as of May 7 was $15.64 million. The cumulative total net inflow has since declined to $1.78 billion while total net assets drop to $52.51 billion.
Although Bitcoin price is relatively bearish, it seats on robust support at $62,000. Moreover, the successful retest of the descending channel upper boundary support/resistance is a bullish signal—which might encourage traders to buy BTC for gains to $64,000 in the short term.
Another potential buy signal will come from the Moving Average Convergence Divergence (MACD) which holds at -27. The signal to buy would manifest as the blue MACD line crosses above the red signal line.
Some key milestones to look out for are the surge above all three moving averages, including the 20-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA (the blue, red, and purple lines on the chart). Trading above all these key levels could mean that Bitcoin price has finally flipped bullish and is ready to close the gap to $70,000.
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