Leading cryptocurrency Bitcoin (BTC) showed a reaction rally of over 4% after testing the $60,800 support.
The cryptocurrency market completed the week with a very volatile price movement. Bitcoin (BTC), in particular, has fluctuated between 2% and 4% over the past week.
This volatility in BTC also affected altcoins, especially causing support levels to be easily lost.
BTC tested the $60,800 level for the second time and reacted almost exactly from this support, gaining over 4%.
What's the Outlook for Bitcoin (BTC)?
Bitcoin (BTC) has increased by 4.5% in the last 24 hours. However, there is no definitive positive outlook in BTC yet. The price action in BTC is thought to be a reaction rally from the support level.
Looking at the chart, the support zone at $60,800 has been tested for the second time. This region has increased buyers' interest in BTC. BTC reacted with this buying pressure. However, the leading cryptocurrency could not remain at this level after rising to the level of $ 63,000.
BTC has now regained support at $62,000. If it maintains this level, it may gain strength for upward movement. With the influence of positive data and news flow, BTC is expected to test the $64,000 resistance.
If the $64,000 resistance is exceeded and sustained above it, a positive outlook may emerge for BTC. At this point, data flow of spot Bitcoin ETFs, macroeconomic data from the US and global crypto news will be important.
On the other hand, if BTC loses $62,000, it is possible for it to retreat to the $60,800 support. However, if this support point fails for the third time, the decline in BTC may gain momentum. BTC's main support points are at $ 59,000 and $ 57,000.
BTC is expected to fluctuate between $60,800 and $64,000 before the inflation data to be announced by the USA on May 15.
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