Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises

Name	Symbol	Market	Market Cap ($)	Algorithm
TRON	TRXUSD	Crypto	9,775,733,001	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

TRON

TRXUSD

Crypto

9,775,733,001

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-0.000884	-0.79%	0.11116	0.111117	0.111175

Price Change

Price Change %

Current Price

Bid Price

Offer

-0.000884

-0.79%

0.11116

0.111117

0.111175

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.112044	0.111001	0.112044	0.112044	- - -

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.112044

0.111001

0.112044

- - -

Exchange	Last Trade	Size	Trade Price	Currency
KRKN	03:44:22	135.56	0.11116	USD

Exchange

Last Trade

Size

Trade Price

Currency

KRKN

03:44:22

135.56

0.11116

USD

Price x Volume	Volume	Base Symbol	Related Pairs
9,700.96	86,705.87	TRX	TRXEUR	TRXGBP	TRXBTC

Price x Volume

Volume

Base Symbol

Related Pairs

9,700.96

86,705.87

Bitcoin Breaks Free: Emerging from Bearish Sentiment, Crypto Market Optimism Rises

16/05/2024 4:14am

NEWSBTC

Bitcoin price is up nearly 8% and it broke many hurdles. BTC is now consolidating gains and might correct in the short term toward $65,000. Bitcoin started a strong increase and cleared the $63,500 resistance zone. The price is trading above $65,000 and the 100 hourly Simple moving average. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct gains but the bulls might be active near $65,000 and $64,500. Bitcoin Price Jumps 8% Bitcoin price remained strong above the $60,000 support zone. BTC formed a base and started a fresh increase above the $62,000 level. There was a break above a key bearish trend line with resistance at $61,500 on the hourly chart of the BTC/USD pair. The pair rallied over 6% and broke many hurdles near the $63,500 resistance. It even cleared the $65,500 resistance. A new weekly high was formed at $66,411 and the price is now consolidating gains. It is holding gains above the 23.6% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Bitcoin price is also trading above $65,000 and the 100 hourly Simple moving average. Immediate resistance is near the $66,400 level. The first major resistance could be $66,850. The next key resistance could be $67,200. A clear move above the $67,200 resistance might send the price higher. In the stated case, the price could rise and test the $68,000 resistance. If there is a close above the $68,000 resistance zone, the price could continue to move up. In the stated case, the price could rise toward $70,000. Are Dips Limited In BTC? If Bitcoin fails to climb above the $66,400 resistance zone, it could start a downside correction. Immediate support on the downside is near the $65,150 level. The first major support is $64,500. If there is a close below $64,500, the price could start to drop toward $63,500 or the 50% Fib retracement level of the recent wave from the $61,073 swing low to the $66,411 high. Any more losses might send the price toward the $63,000 support zone in the near term. Technical indicators: Hourly MACD – The MACD is now gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level. Major Support Levels – $65,150, followed by $64,500. Major Resistance Levels – $66,400, $66,800, and $67,200.

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