Bitcoin news?

🪙Bitcoin is in a sideways range - how long will the bull market last?

You could have a recovery cycle this week, which indicates that sellers are not giving up and using the bounce to sell. Bitcoin is expected to end this week with a decline of more than 4%. The longer the stop around $60,000, the greater the probability of a decline.

🌌However, analysts are still optimistic about the direction of Bitcoin prices after the curtailment period. Timothy Peterson, founder and chief investment officer at Cane Island Alternative Advisors, notes that bitcoin could rise in the “next nine months to between $175,000 and $350,000.” “This bull market will end in January 2025,” Peterson warned in his post.

尽管价格Sideways, some traditional finance companies are adding Bitcoin to their investment portfolios. Morgan Stanley and Fox Bank filed a report with the US Security and Exchange Commission on May 10 about their exposure to bitcoin spot exchange-traded funds. Despite Bitcoin's small allocation size, this appears to be a step in the right direction.

🌟 Bitcoin price analysis

The legends managed to successfully hold the $59,600 level for Bitcoin, but were unable to push the price above the 20-day moving average trend line ($62,650). This shows the fierce fight between the legends and the bears.

The 20-day moving average is sloping downward and the Relative Strength Index (RSI) is in the negative values ​​zone indicating sellers are outperforming. If the $59,600 level is broken,

This currency pair may be tested again to test the mid-May low point of $56,552. This level is expected to attract buyers; But if the sell-off is in the best interest, the currency pair may fall to the $54,298 level which is 61.8% of the Fibonacci reversal level.

If the longs want to prevent a decline, they must push the price above the 20-day moving average and maintain it at this level. If they do, the currency pair could rise to $67,250. Buyers must overcome this hurdle to start the recovery to $73,777.

⚡️4 Hours Chart 20 Average Slope is trending toward flattening, and the currency strength index is close to the midpoint, indicating an easing of selling pressure. On the downside, the $59,600 key support level is worth paying attention to. If it exceeds this level, selling pressure may increase, and the coin could fall to $56,552.

If the price rises above the 50 simple moving average, it indicates that the uptrend is trying to return. The currency pair may rise to $63,500 and then rise to $65,500. Breaking this resistance level will indicate that the downtrend may lose control.