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Bitcoin Hits $66K Mark Breaking Key Resistance, Bullish Rally to Continue?   

source-logo  thenewscrypto.com 16 May 2024 10:33, UTC
  • Analysts expect bullish rally for Bitcoin in the coming months.
  • Bitcoin breaks the $61K resistance which had prolonged since the month’s beginning.

The price of Bitcoin has kindled optimism in the market by drawing in waves of upsurge since yesterday. The leading cryptocurrency crossed over the $61K mark, revisiting its bullish trends from late April. After sustaining around the $61K-$62K range for days, the prices climbed steadily on May 15 finding support at a new weekly high of $66,677 in the early hours of May 16.

The upward movement witnessed, is the first in this current month, as the market has been struggling lately. BTC, up by 6.55% in the past 24 hours, has maintained the bullish rally with slight variations and was trading at $65,926 at the time of writing. The long awaited price surge has raised investor hopes to see BTC hit the $70K mark.

BTC Price Performance in the Past Month

Zooming out over the past month, Bitcoin prices had faced sharp declines since hitting the $73K ATH in March. The price dips experienced, pulled down BTC to the $58K range in mid April. Without significant surges, BTC prices ended the month dipping down to $59K. The beginning of May saw further declines with prices plummeting to $56,555.

Moreover, analysts had expected more bearish trends following the decline with prices dropping towards $52K. However, contradicting predictions, Bitcoin showed a bullish rally and climbed to the recent two week average of $61K. Since then BTC had maintained prices with volatility indices ranging around 55 and 60.

BTC/USDT 4H Price Chart (Source: TradingView)

Furthermore, with the leading cryptocurrency crossing the 9-day SMA of $62640, it underscores the aforementioned bullish trend. The recent surge has also allowed the price to cross the 50-day SMA of $65,107 by momentarily hitting $66K.

Subsequently, trading volumes have also peaked in the past 24 hours increasing to a whopping 64.29%. Notably, with an RSI of 74.88 on the 4-hour price chart, BTC leaned toward the overbought state in the market after the decline of selling pressures witnessed last month.

What to Expect in the Coming Months?

Bitcoin Investors had expected tremendous growth in prices this year, with the approval of Bitcoin Spot ETFs in January and the Halving event in April. While ETFs had a positive kickoff, subsequent months had witnessed mounting outflows. However, the BTC Spot ETFs have shown signs of recovery in recent times with net inflows of $302.97M as of May 15.

In conclusion, the recent Bitcoin price recovery has come as a relief for investors as they await for more realisation of Analysts’ predictions. In view of predictions, analysts expect bullish trends for the remaining quarters of 2024 with slight downscales toward year end.

Moreover, prices are expected to reach astounding levels by the end of the decade. Block Inc’s CEO Jack Dorsey’s prediction on the crypto asset hitting $1M has caused a considerable stir within the community.