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.

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.

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.

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.”

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 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.