Bitcoin started the May month with a bang as the flagship currency has appreciated by more than 15% in the last week of April to up until now. After the breakdown in which BTC dipped by ~20%, bulls again showed strength and closed the April monthly candle at $57,798. At the time of writing this report, BTC is trading around $58k.
BTC formed a strong bullish weekly candle, however, from the last 3-4 days, it has been consolidating in the range of $56k to $58.5k. On the higher side, the immediate hurdle is present at $60K, once we get a decisive breakout from this level, next significant resistance is placed at $62k, followed by $65k.
On the downside, the nearest support level is present at $55k-$55.4k as its 20, 50-DEMA is present around this range. Below this range, the next important level is placed at $52.2k.
Also, as per the On-Chain metrics, BTC has strong upside potential in the coming sessions as CryptoQuant chief Ki Young Ju explained that Whales have been accumulating BTC. Massive Bitcoins have transferred, but these transactions are not from exchanges. Possibly OTC deals. NVT golden cross remains very low, meaning transaction volume is big compared to the market cap. This suggests that BTC has strong upside potential from the perspective of the NVT valuation model.
BTC formed a strong bullish weekly candle, however, from the last 3-4 days, it has been consolidating in the range of $56k to $58.5k. On the higher side, the immediate hurdle is present at $60K, once we get a decisive breakout from this level, next significant resistance is placed at $62k, followed by $65k.
On the downside, the nearest support level is present at $55k-$55.4k as its 20, 50-DEMA is present around this range. Below this range, the next important level is placed at $52.2k.
Also, as per the On-Chain metrics, BTC has strong upside potential in the coming sessions as CryptoQuant chief Ki Young Ju explained that Whales have been accumulating BTC. Massive Bitcoins have transferred, but these transactions are not from exchanges. Possibly OTC deals. NVT golden cross remains very low, meaning transaction volume is big compared to the market cap. This suggests that BTC has strong upside potential from the perspective of the NVT valuation model.