Bitcoin Traders Aim for Six-Figure Price as BTC Surges Above $61K

Bitcoin is experiencing a rebound as its price increases by 5.2% in the last 24 hours, bouncing back from a two-month low below $57,000. On May 3, Bitcoin’s price rose from $56,551 to an intraday high of $62,123. Traders and analysts are now focusing on key levels of resistance as the overall market recovers. One of these levels is $62,000, which has not been convincingly retested. Traders are closely monitoring this level as it is crucial for Bitcoin’s daily chart.

An independent trader named Eliz noted that Bitcoin is currently hovering around $61,783, emphasizing that the obstacle it needs to overcome is $62,000. Another analyst, Val Me, pointed out a significant step for Bitcoin to take over $65,000. Moving averages on the daily chart also indicate that Bitcoin is facing resistance at the 100-day exponential moving average (EMA), which is at $59,972. The next major resistance level is the 50-day EMA at $63,902. To confirm a breakout, analysts are looking for a definitive candle close above this level with strong volume.

On-chain data from IntoTheBlock suggests that Bitcoin faces more resistance on its way up compared to the support it had on the downside. The In/Out of the Money Around Price (IOMAP) model shows that the 50-day EMA is within a price range of $62,858 and $64,670, where a significant amount of Bitcoin was previously bought. Approximately 1.56 million addresses bought around 577,220 BTC within this range.

Analysts have set several targets for Bitcoin’s upside movement. Crypto Wealth suggests $82,000 as the first target if the $60,000 level holds. Ali Matinez, another popular analyst, shared a chart indicating that the TD sequential indicator has sent a buy signal on the daily chart. This aligns with the ongoing recovery and suggests a rebound of one to four daily candlesticks for Bitcoin. A crypto trader named Moustache posted a chart showing that Bitcoin has retested an ascending trendline that has supported its price since early 2023, indicating that a further increase is imminent.

From a technical standpoint, Bitcoin’s price action has formed a bull flag on the weekly chart, which suggests a continuation of the uptrend. BTC bulls face resistance from the upper boundary of the flag at $67,000. A weekly candlestick close above this level could potentially signal a breakout, leading to a new all-time high at $73,808 and eventually reaching the $80,000 mark. In the long term, if Bitcoin surpasses these levels, it may rally toward the technical target of $118,500, representing a 77% increase from the current price.