Bitcoin Its price is currently in an upward trend, with the cryptocurrency climbing to its highest point in over a month.
While the asset is showing strength, the market remains uncertain about the next move. Speculations continue to be intense, especially on the potential of BTC to reach a new record level.
cryptocurrency In a post on TradingView on May 18, analyst RLinda claimed that the bulls are now ready to push the BTC resistance. According to the analyst, buyers Bitcoin priceAfter successfully defending the $64,500-65,000 support range, it pushed it up and is now testing the $67,250 resistance.
The analyst noted that this indicates a pre-breakout consolidation phase due to the absence of a next decline. This suggests that the bulls have been accumulating positions with an exit target and are preparing for a sustained upward move.
Critical Levels to Follow in Bitcoin Price
Meanwhile, the analyst noted that Bitcoin is showing bullish momentum and the key resistance levels to watch out for are $67,250, $71,500, and $73,700, while the critical support levels are $65,250, $64,500, and $61,500.
High interest and positive fundamental factors, especially from investors, could strengthen the price significantly. The analysis suggests that breaking these resistance levels could enable the continuation of the bullish momentum.
Bitcoin is currently in a very bullish trend. High interest and positive fundamental factors may influence price strengthening. It is necessary to pay attention to these levels at the moment, breaking these levels may continue the movement, the targets are indicated on the chart.
Overall, RLinda noted that based on Bitcoin’s movements on the local timeframe, a local correction has concluded and a potentially significant third wave has begun to form.
Additionally, the analyst emphasized that Bitcoin is in the process of consolidation with significant volumes accumulated by strong buyers. This consolidation phase could move into the distribution phase if buyers remain persistent, which could push the uptrend even further.
Bitcoin’s continued bullish momentum comes after April’s Consumer Price Index (CPI) data showed inflation slowing and pointed to increased retail and institutional interest in exchange-traded funds (ETFs). This signals a steady recovery after Bitcoin started May in the red zone and dropped as low as $56,000.
