 ▲ Bitcoin bulls vs. bears have conflicting views ©Coin Leaders |
The price of cryptocurrency leader Bitcoin (BTC) is trading around $64,000 on the 5th (Korean time).
According to CoinMarketCap, a global cryptocurrency price relay site, as of 9:25 a.m. on this day, the price of 1 Bitcoin is recording $64,021, up 1.87% from 24 hours ago.
Bitcoin rose from a low of $62,599.35 to a high of $64,494.96 on the day.
Bitcoin prices have surged due to factors such as the U.S. Federal Reserve's promise to maintain interest rates and positive U.S. employment data.
While some analysts are predicting a further rise, others have warned that a decline is likely due to the level of technical resistance and high profitability for traders.
Cointelegraph said, “Technical analysis suggests that Bitcoin could face resistance near $64,895, which could potentially lead to a consolidation or reversal. Failure to break this resistance could lead to a retest of support near $60,500 or $56,580. “The net unrealized profit/loss (NUPL) indicator, which indicates market sentiment, has fallen from its peak in March, suggesting a possible correction in the coming months,” he said, urging caution in investing.
Despite these warnings, some analysts, including SHIB Knight and Steph is Crypto, still have optimistic views on Bitcoin, suggesting price targets ranging from $85,000 to $100,000. They predicted that it could potentially lead a rally toward $100,000, citing the setting of a bull flag and a breakout of the relative strength index (RSI) as indicators of further price rise.
Meanwhile, Sergei Gorev, risk manager at cryptocurrency exchange and lending company Yuhodler, told The Block, "The cryptocurrency market is sending optimistic signals as we enter May. Personally, I expect the medium-term target price for Bitcoin to be around $80,000. However, he pointed out that there is still a possibility of further adjustment in that it has not yet fallen to $520,000, which is the Fibonacci retracement golden ratio (61.8%).
