Bitcoin Bulls in Control – Is $72,000 the Next Stop?

Bitcoin is in a bullish formation and is trending above $66,000. Bulls are looking at $72,000 and all-time highs as next targets

Dalmas Ngetich•Monday, May 20, 2024•1 min read

Bitcoin is flat at spot rates after temporarily breaking $67,800 over the weekend and cooling off. While the drop was expected, the breakout above $66,000 and the general bulls’ resilience is important. For this uptrend to stand, prices must remain above the psychological $60,000 and ideally stay above the May 6 highs. So far, buyers are steady and in the driving seat, even with the overly choppy nature of price action.

Considering the confirmation of last week’s breakout, buyers are upbeat. Even so, prices must be firm and bullish for last week’s momentum to be sustained. As things stand, Bitcoin has support at $66,000 and, on the lower end, $60,000. The good news is that prices are flying, adding 8% in the last week on the back of decent participation of over $22 billion.

Bitcoin daily chart for May 20

The following Bitcoin news events are worth watching:

Unlike Ethereum, Bitcoin lacks programmability; thus, deploying smart contracts is impossible. However, it is now emerging that developers are considering adding this feature to Bitcoin. It is a move that, if activated, some supporters claim, will catalyze the next rally.
Even with Bitcoin prices edging higher in the last few days, on-chain trackers show that trading fees are at a three-month low. The contraction in transaction fees could be due to the general apprehension among market participants.

Bitcoin Price Analysis

BTC/USD is within a bullish breakout formation.

From the daily chart, prices rose before cooling off. Because prices didn’t wipe out gains of May 15, traders can search for entries on every dip above $66,000.

With the May 15 being a breakout bar and boosted by relatively high trading volume, it guides the short term price action.

If bulls press on, clearing $68,000, the next targets would be $72,000 and all-time highs.