Assessing Growth Potential In Bitcoin Price for May 2023; Entry Opportunity and Stoploss Marked

This week, the crypto market received a significant uptick and triggered a recovery sentiment in several major cryptocurrencies. Thus, the largest crypto Bitcoin witnessed strong buying pressure and surged 8.3% higher to reach the current price of $29200. Can this recovery surpass the last swing high of $30600 and prolong the bullish rally?

Key Points:

• The bullish breakout from the $30650 barrier may set the Bitcoin price at 13% before hitting a significant resistance.
• Amid the recent correction, the 50-day EMA offers suitable pullback support.
• The intraday trading volume in Bitcoin is $10.5 Billion, indicating a 23% loss\.

Source-Tradingview

The recent recovery in Bitcoin price has nearly undermined last week’s correction, increasing the possibility of buyers challenging the $30600 peak. The buyers also breached a local resistance of $28800 offering an additional confirmation for a 5% rise to hit the aforementioned resistance.

A potential breakout from the $30600 offers an entry opportunity and intensifies the buying pressure to set the price rally to $32400, followed by $34500 or $37500. By considering their own capital and risk appetite, the long traders can put stoploss below the $30000 support.

Also Read: 15 New Cryptocurrencies In Upcoming Binance Listing For 2023

However, the daily RSI slope shows a triple bearish divergence indicating underlying bullish momentum in weakening. Thus, interested buyers must remain cautious at $30600 as any sign may of a famous bearish pattern called a double top and tumble of the Bitcoin price to $25000 psychological support.

Technical Indicator

Fibonacci retracement level: The recent correction in the Bitcoin price rebounded from 23.6% FIB is considered healthy for a long bull run.

Exponential Moving Average: the rising EMAs(20, 50, 100, and 200) indicate the buyers hold multiple support to sustain a bullish rally during occasional pullbacks.

Bitcoin Price Intraday Levels

• Spot rate: $29282
• Trend: Bullish
• Volatility: Low
• Resistance levels- $30650 and $32500
• Support levels- $29165 and $27000