Home / Blog / Category / Market Analysis / Bitcoin Gains 11.50% in May: Consolidation and Key Levels in Focus
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

Help us improve this article.
Disclaimer: Any material and information included herein are intended for general marketing purposes only and does not constitute investment advice or recommendation nor an invitation to acquire any financial instrument and/or be involved in any financial transaction. The investor is solely responsible for the risk of his investment decisions and if considers appropriate, he should seek relevant independent professional advice before making any decision. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. Please read full Non-Independent Investment Research Disclaimer here. Risk Disclosure: CFDs are complex instruments and carry a high level of risk of losing money. Read full Risk Disclosure here .

Blog Search


Blog Categories


Blog Tags

Register and Share Buttons EN


Loved our latest article?

Share it with your friends and followers!

Copied to clipboard
To top

Leveraged products may not be suitable for everyone and may result in loss of all your capital. Please ensure you fully understand the risks involved and whether trading is appropriate for you. Read Full Risk Disclosure here.