Source: Cointelegraph.com NewsKey takeaways:<\/p>\n
Bitcoin must maintain above $95,000 to have a chance at retesting its $109,000 all-time high; failure to hold could lead to a deeper correction, crypto analysts warn.
\nSeveral crypto analysts told Cointelegraph in March that Bitcoin may have a chance of reaching new all-time highs in June.
\nThe upcoming Federal Reserve decision on May 7 could influence Bitcoin\u2019s price movement over the coming days.<\/p>\n
Bitcoin needs to continue to hold above the $95,000 level for a chance to climb back and retest its all-time high, or face an even deeper correction, crypto analysts say. Source: Cointelegraph.com NewsKey takeaways: Bitcoin must maintain above $95,000 to have a chance at retesting its $109,000 all-time high; failure to hold could lead to a deeper correction, crypto analysts… <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[5],"tags":[],"_links":{"self":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128730"}],"collection":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=128730"}],"version-history":[{"count":0,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=\/wp\/v2\/posts\/128730\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=128730"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=128730"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptospotters.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=128730"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nIt comes after several analysts told Cointelegraph earlier this year that June could be the month Bitcoin (BTC) reaches new all-time highs.
\n\u201cThe $95,000 level \u2014 currently under consolidation \u2014 is a critical pivot point, acting as the lower boundary of a three-month range that defined market structure between November 2024 and February 2025,\u201d Bitfinex said in a May 6 markets report.
\nBitcoin holding above $95K would signal a \u201cstructural shift\u201d
\nBitfinex said that Bitcoin holding above the $95,000 level would signal a \u201cstructural shift\u201d back into bullish territory, with a potential upward trend toward retesting its all-time highs.\u00a0
\nBitcoin reached its $109,000 all-time high on Jan. 20, just hours before US President Donald Trump\u2019s inauguration.
\nAt the time of publication, Bitcoin is trading at $96,730, up 3.03% over the past 24 hours, according to CoinMarketCap data.\u00a0
\nHowever, Bitfinex analysts said if Bitcoin fails to hold above $95,000, it could be headed for further downfall.
\n\u201cFailure to hold, however, could turn the region into resistance once more, raising the risk of a short-term rejection and another leg of corrective price action.\u201d
\nThey said the next several days will determine whether Bitcoin will be heading \u201cinto a sustained breakout or resolves into a retest of lower support zones.\u201d
\nBitcoin is up 2% over the past seven days. Source: CoinMarketCapHowever, if Bitcoin continues the rally, it may catch many traders offside. Crypto analyst Thomas Fahrer said in a May 7 X post that $400 million of Bitcoin short positions are at risk of liquidation at the $98,000 price level. \u201cSend it,\u201d Fahrer said.
\nBitcoin is approaching the timeframe many analysts predicted for new highs earlier this year. On March 28, Real Vision chief crypto analyst Jamie Coutts projected a best-case target of $123,000 by June.
\nRelated: Bitcoin price rallied 1,550% the last time the \u2018BTC risk-off\u2019 metric fell this low
\nAround the same time, Swan Bitcoin CEO Cory Klippsten said that Bitcoin has a \u201c50% chance\u201d of reaching new all-time highs before the end of June.
\nSince 2013, Bitcoin\u2019s average performance in June has been slightly negative at -0.35%.
\nThe upcoming Federal Reserve interest rate decision on May 7 could also have an impact on Bitcoin\u2019s price.
\nThe announcement often sees crypto market volatility both before and after the results are published. However, the latest data from CME Group\u2019s FedWatch Tool indicates that the futures market sees minimal odds of a rate cut.
\nMeanwhile, overall market sentiment is becoming more positive as Bitcoin\u2019s price approaches the psychological $100,000 price level.
\nThe Crypto Fear & Greed Index, which measures overall market sentiment, has spiked again over the past 24 hours, further into \u201cGreed\u201d territory, jumping 8 points to a score of 67.
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\nThis article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.Read More<\/a><\/p>","protected":false},"excerpt":{"rendered":"