Bitcoin rebound imminent? Analysis of May 15, 2024
After experiencing downward pressure to $60,000, Bitcoin is showing signs of buyer interest. Let’s analyze together the future prospects for the BTC price.
Bitcoin (BTC) Price Situation
After rebounding 15% from $57,000, Bitcoin encountered selling pressure at $65,000. Following this rise, the price gradually moved towards $60,000. Recently, there has been renewed buying interest at this price level, which seems to be defended to this day. Thus, the cryptocurrency is currently in a period of indecision.
At the time of writing this text, Bitcoin is trading around $62,000. Although the underlying trend remains bullish, the position of the Bitcoin price below its 50-day moving average casts doubt on the continuation of this trend, at least in the short term. Oscillators show a stabilizing Bitcoin dynamic. Despite its current weakness, this could indicate a potential return of the bullish dynamic for the leading cryptocurrency.
The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. He is currently a trainer at Family Trading, a community of thousands of prop traders active since 2017. You will find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.
