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Bitcoin, the undisputed market leader, has been trading between $60,000 and $72,000 for over two months following its incredible rise in March. Some analysts now believe that indicators pointing to a sustained period above support levels could lead Bitcoin to revisit its peak range soon.
Bitcoin Chart Overview
Particularly, Bitcoin initiated a bull rally into this region when calendars showed February 28, reaching an all-time high about 14 days later. Following this, Bitcoin broke its mid-March price range, reaching a new peak of $73,805, but experienced a downward break on May 1.
Bitcoin lost momentum in early April and has since been trading below its 30-day exponential moving average (30-EMA), reflecting a bearish market influenced by short sellers.
If Bitcoin moves above the 30-EMA currently at $63,360, it could potentially head towards the $72,000 level.
Bitcoin (BTC) Price Target
Interestingly, derivative data provided by CoinGlass on May 11 seems to reflect a clearer short-term forecast of $72,000 for Bitcoin.
In this context, a one-month leverage heat map following a downward trend reveals two significant liquidation pools due to increased open interest from those shorting Bitcoin, particularly at the $67,000 and $71,000 levels. These could quickly become reachable levels if sentiment around Bitcoin changes, potentially driving the price to $72,000.
Such a shift in sentiment in May could potentially lead to bullish breakouts across all cryptocurrencies and signal a reversal of the trend. Recently, Jack Dorsey sent a Bitcoin-supportive letter to shareholders of Block Inc (NYSE: SQ).
