Bitcoin (BTC) Price Will Hit $77K In Coming Week If THIS Happens

Published by

Elena R

May 22, 2024

Bitcoin (BTC) took a slight dip, slipping 3.5% in the past day to settle around $69,453 during the early Asian session on Wednesday. The flagship coin is testing the support range between $69,200 and $69,500 as it aims to revisit its all-time high (ATH) above $73k. This movement follows Bitcoin’s recent breakthrough past the resistance level at about $67,200, signaling bullish control.

Bitcoin’s journey to maintain its bullish momentum hinges on consistently closing above the $73k mark in the coming weeks. Failing to do so could validate a double top formation, supported by a bearish divergence on the Relative Strength Index (RSI).

Yes, the crypto market is heating up! Here’s everything you need to know to stay ahead.

Bitcoin Whale Investors Stand Strong

The recent approval of spot Bitcoin exchange-traded funds (ETFs) in the United States and Hong Kong has triggered a surge in cash inflows. Investors find confidence in the improved liquidity and security provided by these Bitcoin trading platforms.

On-chain data reveals a growing trend among Bitcoin holders to hold onto their assets rather than selling. This shift suggests that more investors view Bitcoin as a long-term store of value rather than just a trading instrument.

Technical Insights and Targets

Insights from the TD Sequential indicator on the 1-hour time frame suggest an upcoming rebound for Bitcoin towards its ATH. Additionally, Bitcoin’s price has established a strong support level above $66k, with over 530k coins transacted at this level.

Looking ahead, the next significant target for Bitcoin sits around $73,885, aligning with the four-hour 2.618 Fibonacci Extension. A sustained close above $74k could propel Bitcoin’s price towards $77k, in line with the four-hour 3.618 Fibonacci Extension.

As the market anticipates these potential movements, attention remains focused on Bitcoin’s performance in the days ahead.

Also Check Out: Bitcoin Losing Strength: Why Bulls Are Falling Short of Strength Amid Positive Market Sentiments?

Bulls or bears? Will Bitcoin break past the $73k ceiling? Let us know your prediction.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.