Lokesh Gupta
16-05-2024
#Bitcoin has maintained crucial support at the $60,000 price level since May 10.
The 4-hour chart indicates a strong bullish rally, with Bitcoin breaking out of a symmetrical triangle pattern around $63,300.
Breaking through a wedge pattern, BTC saw robust buying, pushing the price above the $65,000 level.
Bitcoin price surged nearly 7% following the latest U.S. Consumer Price Index (CPI) data, which showed a 0.3% increase in inflation, meeting market expectations.
If the bullish momentum persist, immediate resistance levels stand at $67,300 and extend further to $70,000.
According to Coin Gabbar analysis, On the downside, immediate support is observed at $63,300, followed by $61,560 and $60,000.
KEY LEVELS :
RESISTANCE LEVEL : $67,300-$69,000
SUPPORT LEVEL : $64,500-$63,000
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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