In this article you will learn:
- Which chart marks do the bulls have to overcome in order to take over the reins again in the long term?
- Why the price is likely to head for new lows if weakness occurs again
- Which price brands investors should now keep an eye on
The price of the crypto reserve currency Bitcoin (BTC) recently spiraled significantly northwards again after the temporary fall to a new low in the previous week. Starting from the low of $56,500, the BTC price went north by 16 percent to $65,523. However, the recent price recovery currently appears to be coming to a halt again. In the last few days, the buyers have not been able to recapture the sliding resistance EMA50 at the daily closing price.
At currently around 63,880 US dollars, Bitcoin is trading exactly in the same range as its halving price on April 18th. Although the BTC price recently benefited from a relaxed stance by the US Federal Reserve and a strong price recovery in the US stock indices following positive quarterly reports from tech giants Amazon and Apple, the bulls’ hoped-for release has so far failed to materialize. The coming weeks will show whether Bitcoin has already completed its post-halving correction due to the sell-off in the previous week.
Which technical chart levels are likely to be relevant for crypto investors in the traditionally weak stock market month of May is analyzed below.
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