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4 June 2024 | FXGT.com

Bitcoin Gains 11.50% in May: Consolidation and Key Levels in Focus

  • Recent Price Action: Bitcoin gained 11.50% in May and is up 2% over the past week as it continues to consolidate sideways, remaining above the immediate support level of $66,300. The daily trend is bullish, sustained by key moving averages, while momentum is expected to remain positive as long as Bitcoin trades above $65,000, which marks the lower boundary of the 45-day EMA channel and the mid-May bullish reversal point.
  • Consolidation Boundaries: As the sideways consolidation persists, moves back to $66,300 may offer bullish traders the opportunity to initiate new positions, particularly if a bullish rejection signal forms near the range low. While the consolidation can continue as the market gathers momentum, a breakout above resistance could spark renewed interest and volatility, potentially reviving strong momentum for Bitcoin.
  • Resistance Levels: Resistance is currently marked at May’s high of $71,300, which is containing any further upward movements. The all-time high stands at $74,000. The short-term consolidation is viewed as a continuation pattern within the ongoing bullish trend, provided the market stays above $65,000. A break below $65,000 would alter the medium-term outlook and reverse the bullish sentiment.
  • Market Focus: Traders are closely watching key support and resistance levels, with the potential for significant movements if these levels are tested or broken. Focus remains on any retest of the support level at $66,300. The ultimate target remains the all-time high of $74,000. A breakout above $71,300 would likely set the stage for a test of this level and the possibility of reaching new highs.

BTC Daily Chart

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