Bitcoin

Bitcoin traders set a six-figure price target after BTC recovered $61,000.

Bitcoin is up 5.2% over the past 24 hours, rebounding from a two-month low below $57,000.

Bitcoin (BTC) price rose 9.85% from a low of $56,551 on May 1 to hit an intraday high of $62,123 on May 3, according to data from Cointelegraph Markets Pro and TradingView.

BTC/USD daily. Source: TradingView

As the market-wide recovery continues across cryptocurrency markets, how much upside should traders and analysts be watching for BTC?

Bitcoin price main resistance remains at $64,000.

Bitcoin is quickly heading towards the $62,000 area, a repeat of its move since falling below $60,000 before the April 20 halving.

This is an important point on a trader’s radar and one that has not received a convincing retest.

Independent trader Eliz found Bitcoin hovering around $61,783 and said that despite BTC recovering from sub-$60,000 levels, “the hurdles to overcome are still the same.”

The trader explained that $62,000 is a key level on the BTC daily chart.

source: Elise

Fellow analyst Val Me shared a chart with BTC showing a long green candle for 4 hours.

“Another important step is acquiring land worth more than $65,000,” he explained, looking at land worth more than $60,000.

Crypto influencer Lark Davis used the exponential moving average (EMA) on the daily chart to point out that Bitcoin is currently facing resistance at the 100-day EMA at $59,972. Davis’ next major resistance was the 50-day EMA, currently sitting at $63,902, where “we don’t want to see a strong rejection.”

“What we want to see now is a solid candle with some volume.”

Davis’ observations are reinforced by on-chain data from market intelligence firm IntoTheBlock. According to the In/Out of the Money Around Price (IOMAP) model, the 50-day EMA is within the $62,858 and $64,670 price range, with approximately 577,220 BTC previously purchased by approximately 1.56 million addresses.

Bitcoin IOMAP chart. Source: IntoTheBlock

The same IOMAP chart showed that BTC faced strong resistance on the recovery path compared to the support it enjoyed during the downtrend.

Related: BTC price chart reflecting US spot Bitcoin ETF launch pattern

BTC price rises to $118,000 on weekly chart project.

Independent analyst Crypto Wealth suggested $82,000 as the first target if the $60,000 level is maintained, a level where an upward trend in Bitcoin can be observed.

Popular analyst Ali Matinez shared that the TD Sequential Indicator has issued a buy signal on the daily chart, with the chart in line with the ongoing recovery.

“We expect 1 to 4 candlestick bounces each day for BTC price.”

Meanwhile, cryptocurrency trader Mustache posted the following chart on

“It will be sent higher. “It’s just a matter of time.”

Bitcoin weekly chart. source: mustache

From a technical perspective, Bitcoin’s price action has sent a bullish signal on the weekly chart, suggesting a continuation of the upward trend.

BTC/USD weekly chart. source: TradingView

BTC bulls face resistance at the upper boundary of the $67,000 flag. A weekly candlestick closure above this level would signal a possible breakout of the chart formation, clearing a path to the all-time high of $73,808 and later $80,000.

Above that, Bitcoin could rise towards $118,500, the technical target of the dominant chart pattern. This move represents a 77% increase from current prices.