Bitcoin Price Prediction May 2024
With a bullish engulfing candle standing at the $60,000 support zone, the BTC price reclaims the crucial $65,000 level. The overnight jump of almost 8% reflects a massive jump in the biggest crypto as it hits the market cap of $1.30 Trillion.
Technical indicators, including the DMI and RSI, hint at a growth in the underlying demand. The VI lines give a bullish crossover, and the daily RSI surpasses the halfway line, bolstering the bullish reversal. Further, the uptick in the ADX line shows an increment in the trend momentum.
Currently, Bitcoin is trading at $66,179 after the massive increase in demand. A surge in momentum could lead the bullish reversal to the $70,000. On the flip side, the crypto could drop to $58,451.
On-Chain Analysis
Following yesterdayâs $45.79M short liquidation, the bulls are tightening their grip over the Bitcoin price trend, per Coinglass. Further, the Exchange Reserve of BTC dropped from $1.946 Million to $1.924 Million during the price jump last night. As the exchange reserve falls dramatically, the declining selling pressure is crystal clear.
#BTCđ„đ„đ„đ„đ„ #notcoin #ETHETFS #MicroStrategy #BinanceLaunchpool
