Crypto analysis: BTC staying above $67,000 but still in threat to fall back 16% from current price

Crypto chart analysis (BTC):

If Bitcoin maintains a stable close above $67,206, it could continue to rise towards the psychological level of $70,000. In a highly optimistic scenario, Bitcoin might even turn the $67,206 level into a support base, aiming for its all-time high of $73,777.

 

BTC 4 hour chart analysis

 

Bitcoin (BTC) is now trading at around $66.867, which is almost 2.5% higher than yesterday. Over the past week, more than 600 companies have reported large investments in spot Bitcoin exchange-traded funds (ETFs) in their 13F filings with the United States Securities and Exchange Commission (SEC).

These filings show that professional investment firms own $3.5 billion worth of Bitcoin ETFs. Some of the big names include Morgan Stanley, JPMorgan, Wells Fargo, UBS, BNP Paribas, Royal Bank of Canada, and hedge funds like Millennium Management and Schonfeld Strategic Advisors.

Crypto analysis (BTC chart technical analysis):

Bitcoin's price recently went above $67,000 after a series of price increases on the daily chart. Previously, between April 8 and May 9, Bitcoin was making lower highs, but now it has surpassed the important $65,500 level. If Bitcoin closes above $67,000, it would signal a change in the market trend. A change in market trend means that the way prices move, trading activity, and market behavior is shifting. This could indicate a move from a stable market to a growing one.

For Bitcoin, this means moving from a sideways market to an upward trend. The Relative Strength Index (RSI) shows that buying pressure is increasing. The Awesome Oscillator (AO), which recently turned positive with green bars, also supports this. A positive AO suggests that bullish momentum is getting stronger.

If Bitcoin stays above $67,206 on the daily chart, it could continue rising towards $70,000. In a very optimistic scenario, Bitcoin could use this level as support and aim for the all-time high of $73,777. However, if Bitcoin gets rejected at $67,000, its price could fall below $65,500. A key level to watch below this is $63,354. If that level doesn't hold, Bitcoin could drop to around $56,000, which is 16% below its current price.

Bitcoin's recent move above $67,000 is a strong indicator of a possible shift in the market from a period of fluctuation to a more defined upward trend. However, the market's future direction will depend on whether Bitcoin can maintain its momentum above key levels.