Following a 6.46% jump on Friday, Bitcoin takes a bullish stand to dilute the broader market fear. As the BTC price reclaims $67,000, the uptrend chances are improving.
Further, with the FED meeting results coming in dovish, market analysts expect the crypto market to boost with the surge in the US Dollar. On a slightly different viewpoint, the ex-BitMEX CEO expects the Bitcoin price to trade between $60,000 and $70,000 over the next few months.
The bullish reversal helps Bitcoin avoid a drop below the psychological $60,000 level. Will this reflection of huge demand at lower levels lead to a massive jump in May?
Will the coming week mark a positive end? Let’s find out more in our BTC price analysis below.
Will The BTC Price Sustain Above $65,000?
The 14% bearish pullback in April breaks the 7-month streak of bullish candles in the 1M chart. Starting from the new all-time high at $73,794 to a brief dip to $56,500, the pullback violates the $60,000 support zone for a short period.
However, the high demand below $60,000 boosts the BTC price back above $67,000. The buyers avoid a bearish closing under $60,000 in the weekly chart. Further, the lower price rejection is crystal clear in the last few weekly candles, increasing bullish reversal chances.
The trading volume indicator shows a decline in weekly volumes during the pullback phase, bolstering uptrend chances. Currently, the BTC price trades at $67,232, showing a morning star possibility in the 1W chart.
Will Bitcoin Mark The First Bullish May in 4 Years?
According to historical BTC price data, May has been bearish for Bitcoin in the past three years. With a 35% drop in 2021, 15% in 2022, and 6.98% last year, the limiting bearishness could conclude this year with a bullish comeback.
Regarding the price analysis, as per the Fibonacci retracement level, the bullish reversal occurs at the 78.60% level. With an upside potential, the biggest crypto could hit the $70,000 ceiling. Conversely, a reversal could start a consolidation with the bottom support at $63,000.
Bitcoin ETFs Bleed Heavily Over The Week
In a week, the 9 spot Bitcoin ETFs in the U.S. decreased their Bitcoin holding by 16,408 BTC, accounting for almost a Billion dollars.
May 3 Update:
9 ETFs decreased 2,350 $BTC(-$144.56M).#Grayscale decreased 2,950 $BTC(-$181.4M) and currently holds 292,176 $BTC($17.97B).https://t.co/EYQTaMwxyp pic.twitter.com/O3FsqVkyYV
— Lookonchain (@lookonchain) May 3, 2024
With such a sharp drop, the ETF sentiments are clearly bearish despite the last-minute recovery. However, with high anticipations of a bullish tone next week for BTC price, the ETFs could find an overall net positive inflow.
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