The Bitcoin price has experienced a strong buying pressure, that has been evident on the chart, since the beginning of 2023, which resulted in a 270% surge. Furthermore, on March 14th, 2024, the asset reached an all-time high of $73,810, but later it underwent a correction phase on the daily chart.
Mainly, from the start of March, the BTC price has been trying to defend an key major support level of $61,010. Yet, in the first week of May, the BTC asset price slipped below this key level for instance, but the buyers were strongly able to regain the price back above the $61,010.
As of press time, the assets’ price has traded at $60,957.01 on the daily chart, which has reflected an intraday gain of 0.12%. Likewise, its market capitalization is $1.19 Trillion, with a fully diluted market cap of $1.27 Trillion, and its 24-hour trading volume stands at $26.12 Billion.
With reference to the daily chart, Bitcoin's recent price is defending the major vital support level, and it has been trading at this level since the time of writing. However, the buying trend has appeared to have been slowed from the $70,000 hurdle, forming lower lows and lower highs.
At the falling trendline, BTC price has formed a bearish candlestick pattern. If sellers become interested, and the price falls below the major support level of $61,000, selling pressure could cause it to drop to the 200-day EMA.
If the asset price fails to defend the 200-day EMA, most investors may decide to book profits, leading to strong selling pressure. Conversely, if the Bitcoin crypto price triggers a breakout from the trendline and sustains it, buyers may become interested, leading to bullish momentum.
Assuming this buying momentum is supported by trading volume, buyers may aim for a new all-time high, and a long-term bullish trend may be expected.
Based on the chart structure, the major support level is $61,000, with another support level at $52,000. If the price gains bullish momentum, it could be interrupted near the $71,000 hurdle, with another resistance level at $80,000.
Mainly, from the start of March, the BTC price has been trying to defend an key major support level of $61,010. Yet, in the first week of May, the BTC asset price slipped below this key level for instance, but the buyers were strongly able to regain the price back above the $61,010.
As of press time, the assets’ price has traded at $60,957.01 on the daily chart, which has reflected an intraday gain of 0.12%. Likewise, its market capitalization is $1.19 Trillion, with a fully diluted market cap of $1.27 Trillion, and its 24-hour trading volume stands at $26.12 Billion.
With reference to the daily chart, Bitcoin's recent price is defending the major vital support level, and it has been trading at this level since the time of writing. However, the buying trend has appeared to have been slowed from the $70,000 hurdle, forming lower lows and lower highs.
At the falling trendline, BTC price has formed a bearish candlestick pattern. If sellers become interested, and the price falls below the major support level of $61,000, selling pressure could cause it to drop to the 200-day EMA.
If the asset price fails to defend the 200-day EMA, most investors may decide to book profits, leading to strong selling pressure. Conversely, if the Bitcoin crypto price triggers a breakout from the trendline and sustains it, buyers may become interested, leading to bullish momentum.
Assuming this buying momentum is supported by trading volume, buyers may aim for a new all-time high, and a long-term bullish trend may be expected.
Based on the chart structure, the major support level is $61,000, with another support level at $52,000. If the price gains bullish momentum, it could be interrupted near the $71,000 hurdle, with another resistance level at $80,000.