Key Levels to Watch for Bitcoin: Bulls' Target Clarified!
The price of Bitcoin is currently on an upward trend, with the cryptocurrency climbing to its highest point in over a month.
While the asset demonstrates strength, the market continues to remain uncertain about the next move. Speculations regarding BTC’s potential to reach a new record level remain prevalent.
Cryptocurrency analyst RLinda claimed on May 18th, in a post on TradingView, that bulls are now ready to challenge the BTC resistance. According to the analyst, buyers pushed Bitcoin price upwards after successfully defending the support range of $64,500-65,000, and are now testing the $67,250 resistance.
The analyst noted that this situation indicates a consolidation phase before a potential breakout, due to the absence of the next downward move. This suggests that bulls are accumulating their positions with an upside target in mind and preparing for a sustained upward movement.
Critical Levels to Watch for Bitcoin Price
Meanwhile, the analyst noted that Bitcoin is showing upward momentum and highlighted key resistance levels to watch at $67,250, $71,500, and $73,700, with critical support levels at $65,250, $64,500, and $61,500.
Particularly high investor interest and positive fundamental factors could significantly strengthen the price. The analysis suggests that breaking through these resistance levels could sustain the upward momentum.
Bitcoin is currently exhibiting a strong upward trend. High interest and positive fundamental factors could influence the strengthening of the price. It is important to pay attention to these levels at the moment, as breaking through these levels could lead to the continuation of the movement, with targets indicated on the chart.
Overall, RLinda noted, based on the movements in the local time frame of Bitcoin, that a local correction has ended and potentially a significant third wave formation has begun.
Additionally, the analyst emphasized that Bitcoin is in a consolidation phase with significant volumes being accumulated by strong buyers. This consolidation phase, if buyers persist, could transition into a distribution phase, which could further propel the uptrend.
The ongoing upward momentum of Bitcoin follows after April’s Consumer Price Index (CPI) data showed a slowdown in inflation and data indicating increased retail and institutional interest in exchange-traded funds (ETFs). This signals a stable recovery for Bitcoin after starting May in the red zone and dropping to $56,000.
Note: This is not investment advice.
