Bitcoin ready to rebound?  Analysis of May 8, 2024

After experiencing downward pressure to $60,000, Bitcoin is showing signs of buying interest. Let's analyze together the future prospects for the BTC price.

Bitcoin (BTC) price situation

After rebounding 15% from $57,000, Bitcoin encountered selling pressure at $65,000. Following this increase, the price gradually moved towards $60,000. Recently, a renewed interest in buying has been observed at this price level, which seems to be defended until today. Thus, cryptocurrency is currently in a period of indecision.

At the time of writing, Bitcoin is trading around $62,000. Although the underlying trend remains bullish, the position of the Bitcoin price below its 50-day moving average casts doubt on the continuation of this trend, at least in the short term. The oscillators demonstrate a stabilizing Bitcoin dynamic. Despite its current weakness, this may suggest a potential return of bullish momentum for the main cryptocurrency.

BTCUSD Daily ChartBTCUSD Daily Chart
BTCUSD Daily Chart

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. Today trainer at Family Tradinga community of thousands of own-account traders active since 2017. You will find Lives, educational content and mutual assistance around the financial markets in a professional and warm atmosphere.

Hypotheses for the price of Bitcoin (BTC)

  • As long as the price of Bitcoin manages to stay above $60,000, we can anticipate a break of $64,000. The next resistance to consider, if the bullish movement continues, would be in a price range around $67,000 and $68,000. Even higher, we can note the $71,000 and more. At this point, that would represent an increase of more than 14%.
  • If the price of Bitcoin does not remain above $60,000, we could consider support for buying interest once again at $57,000. The next level to take into account, if the bearish movement continues, would be around $54,000. Further down, we can note the famous level of $52,000 – $50,000. At this stage, this would represent a drop close to – 19%.


Bitcoin is showing signs of stabilization after oscillating between a bullish and bearish period. Despite existing signs of weakness, indications of a possible renewed upward momentum for the cryptocurrency are emerging. Thus, it will be crucial to carefully observe the price reaction at different key levels to confirm or refute the current hypotheses. It is also important to remain vigilant against potential market “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyzes are based solely on technical criteria and that the price of cryptocurrencies can also evolve quickly depending on other more fundamental factors.

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