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BTC Price Analysis: Bulls Ignore Barriers, Rises Past $59K on BTC/USD, CME Group To Unveil Micro Bitcoin Futures

BTC/USD

This week, Bitcoin and cryptocurrency prices have recovered their losses, bringing the total value of the crypto market near $2 trillion. After gaining traction in the first few months of the year, BTC slowed in March. BTC traders and investors are optimistic, as historical Bitcoin price data shows that March losses are often accompanied by a rally in April. As Bitcoin held the $50K threshold over the weekend, the bulls ignore barriers rising past the $59,000. Since ending the sideways trading between the $53,000 and $57,000, the BTC price surpassed the key zone around $58,000. At the time of this article, BTC/USD is trading at $58,858 after receding from intraday highs of $59,397. Derivatives exchange giant CME Group to unveil Micro Bitcoin Futures on May 3, subject to regulatory review. The latest Bitcoin futures contracts will be a tenth of the size of a single Bitcoin. Individual traders, as well as financial institutions, will be able to use it. Meanwhile, the latest Bitcoin-based contract would have all of the same features as standard CME BTC futures.

*Bitcoin held the $50K threshold over the weekend, the bulls ignore barriers rising past the $59,000.
*Since ending the sideways trading between the $53,000 and $57,000, the BTC price surpassed the key zone around $58,000
*Derivatives exchange giant CME Group to unveil Micro Bitcoin Futures on May 3

Key Levels
Resistance Levels: $65,000, $62,000, $60,000
Support Levels: $57,000, $55,000, $53,000

BTC/USD Daily Chart: Bullish

BTC/USD Daily Chart

On Tuesday, the uptrend resumed, and the price had almost reached the $60,000 level. In the medium-term future, the lead crypto is expected to continue to advance until it reaches the resistance of the March high levels near the $62,000 mark. If the zone of the high levels, provides resistance, BTC/USD could trade sideways beneath it and consolidate the advance.

On the other hand, a failure of the high levels to provide resistance could result in the lead crypto breaching the $62,000 level. The sharp uptrend has ignored the barriers around the prior confluence zone at the resistance of $58,000 level while flipping the weekly simple pivot point at $57,000 level into support. BTC could look for resistance in the $60,000 mark.

BTC/USD 4-Hour Chart: Ranging


BTC/USD 4-Hour Chart

As seen in the 4-hour time frame, the bulls now need to need to close above the March highs, around the $61,788 level, to cement the overall bid-tone behind the BTC/USD pair. Traders may decide to buy any pullbacks towards the $57,000 level to enter into the existing bullish trend. The sustained price action beyond $59,000 would open the gate for gains beyond the $61,788 all-time highs.

It is worth mentioning that a significant correction may come into the picture if BTC slides under $58,000. The BTC/USD pair is only bullish while trading above the $57,000 level, key resistance is found at the $60,000 and the $62,000 levels. If the BTC/USD pair trades below the $57,000 level, sellers may test the $55,000 and $53,000 levels.

Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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