Bitcoin (BTC) has risen 7.54% in the past 24 hours, amid upbeat US inflation statistics and as traders focus on two key indicators that could now push it up to $70,000. It exceeded $65,000.
Pseudonymous crypto trader Blockchain Mane told Cointelegraph that it is important to analyze the geometric and cyclical movements of the crypto market to see if Bitcoin can remain “bullish”. He said that he is closely monitoring the Gann Funds Model, which is an important indicator.
“Ganfan is interesting and is like an indicator of time and price momentum,” they said, explaining that it helps better visualize market cycles and price trends.
“In terms of gun timing, we are at a key point in the market cycle, right in the center of the current square. If we turn to the upside, we will see a price phase until the end of May,” they explained.
However, they warned, “If we miss this break, we will likely see a flat downtrend continue until the end of May.”
This pattern is notable for blockchain manes on the same day that core inflation fell to just 3.6%, its lowest level since 2021, and could strengthen the case for a rate cut.
Blockchain Money is currently looking for Bitcoin to reverse its “previous resistance” $63,000 price level and create new support, which could lead to a “bullish indicator.” It is claimed that
They would rather see “sideways price movements” here while more stories accumulate, which could otherwise hinder the altcoin’s chances of making a profit. I am claiming.
“As Bitcoin dominance continues to rise, alts will likely take a hit if BTC rises here and is rejected. Alts are increasingly pegged to BTC price action. ”
According to TradingView, Bitcoin dominance (the ratio of Bitcoin’s market capitalization compared to the market capitalization of all other cryptocurrencies) has increased from 2.23% to 55.99% in the past seven days. data.
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On the other hand, the inverted head-and-shoulders pattern (a bullish indicator that a downtrend is easing and buyers are gaining market advantage) is one indicator that Bitcoin is in the midst of a “rebound.” That’s what Mickey Bull Crypto, a pseudonymous cryptocurrency trader, says. Said His X followers on May 15th.
The inverted head-and-shoulders pattern is formed as an inverted setup and includes an “inverted” head-and-shoulders where the left and right shoulders are upside down below the neckline.
If this pattern continues, Bitcoin price could reach the next important price level of $70,000 before breaking through the current high of $74,580, according to MickeyBull Crypto. .
According to CoinMarketCap, this represents an increase of approximately 12% from the current price of $66,085. data.
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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
