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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    PENGU token loses 20% in August amid Pudgy Party game launch

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    Base claims top 3 spot in 30-day NFT volume: DappRadar

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    floor down up to 18% in the last week (week ended August 26, 2023), volumes still robust

    Blue chip NFTs sink double digits as ETH retreats from record highs

    Blue chip NFTs sink double digits as ETH retreats from record highs

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    What’s Behind the Double-Digit Declines?

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    Climb the SCOR Invitational Leaderboard and Earn Bigger $SCOR Airdrops

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  • Blockchain
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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    How decentralization can mitigate ‘dystopic’ artificial intelligence risks: SingularityNET exec

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    UAE emirate launches new free zone for digital assets, Web3 and AI

  • Guides
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    What Is Impermanent Loss? How It Works, and How to Avoid It

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

    What Is an Algorithmic Stablecoin? How It Works and Why It Matters

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    What Is Volatility in Crypto? Why It Happens and How to Stay Safe

    What is Cloud Mining? A Beginner’s Guide

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    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    What Are Bitcoin Runes and RunesDEX? – Cryptocurrency News & Trading Tips – Crypto Blog by Changelly

    6 Under-$1 Utility Tokens with Real-World Use to Watch in the 2025 Bull Run

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    What is Crypto FOMO? How to Avoid Emotional Investing Mistakes

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    What Is Crypto Arbitrage and How to Use It in Trading?

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    What’s the Difference & Which Is Better to Trade?

    What’s the Difference & Which Is Better to Trade?

  • Analysis
    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    Solana, XRP and One Ethereum Rival Leading Institutional Inflows in 2023: CoinShares Data

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Estate of Bankrupt Crypto Exchange FTX Abruptly Stakes Over $144 Million in Solana (SOL)

    Dogecoin Bull run

    Here’s What Could Trigger the Next Dogecoin (DOGE) Bull Run, According to Crypto Strategist

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    Benjamin Cowen Warns Majority of Altcoins Will Never See New All-Time Highs Again Amid ‘Serious Declines’

    SEC Chair Gary Gensler Standing in the Way of Bitcoin ETFs, Says ARK Invest’s Cathie Wood

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    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    Top Trader Sees Bitcoin Skyrocketing 570% in Next Bull Market Amid Soaring US Debt Levels

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

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Home Bitcoin

Bitcoin: Why $65K is the key level BTC should focus on now

May 12, 2024
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Bitcoin: Why $65K is the key level BTC should focus on now
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  • Bitcoin’s market structure revealed it was close to a re-accumulation zone.
  • A bounce to $65,065 could be BTC’s target once the coin recovers.

According to crypto trader Rekt Capital, Bitcoin [BTC] has left the danger zone and has reached the re-accumulation area. The analyst mentioned this in a post on X (formerly Twitter) on the 11th of May.

From the chart Rekt Capital shared, he explained how the coin has satisfied the post-halving correction, and in two days, Bitcoin might have left the danger area entirely.

The red days are almost over

To back up his rationale, he referred to the 2016 post-having cycle. At that time, three bearish engulfing candlesticks appeared within 21 days. Later on, BTC surged past $4,250 within some months.

On the 2024 chart, another set of red candlesticks appeared, suggesting that Bitcoin’s correction could be close to its end. At press time, Bitcoin’s price was $60,509.

Analyst shows Bitcoin's price is targeting a rebound

Source: Rekt Capital/X

This was a 5.61% decrease in the last seven days. As a result of this plunge, many BTC contracts in the market were liquidated.

Using data from Hyblock, AMBCrypto noticed that there was a magnetic zone around liquidation levels. This indicator shows price levels where traders risk being liquidated.

The magnetic zone (blue) indicates a high level of liquidity and implies that the price might move in that direction. For Bitcoin, the price could move toward $65,065 in the short term.

This might happen only if BTC bounces. Failure to reverse upwards might cause a further price decrease. Also, the CLLD, which is the Cumulative Liquidation Level Delta (CLLD) was negative.

See also  Bitcoin - Runes protocol goes live after the halving, is the hype real?

Negative values of the CLLD indicate that short are starting to feel more of the liquidations. If sustained, this could be bullish for Bitcoin’s price.

Bitcoin liquidation levels shows a bullish sign

Source: Hyblock

HODLers are in on the exit

We also found evidence of the potential price increase from another metric on Glassnode. The metric in question was the Hodler Net Position Change.

Hodler Net Position Change tracks the monthly net position of long-term investors. If the value is negative, it means that Bitcoin holders are realizing gains, or cashing out on their assets.

However, a positive reading of the Hodler Net Position Change implies accumulation. Up until the last week of April, the metric was negative, indicating that investors were booking profits.

But since the first week in May, that has changed. Specifically, long-term holders bought 26,990 BTC on the 10th of May. As it stands, this accumulation might continue.


Read Bitcoin’s [BTC] Price Prediction 2024-2025


Sustaining this momentum might ensure that Bitcoin trades above $60,000 in the coming days. For the long term, this could be instrumental for the parabolic upside.

Bitcoin long-term investors are accumulating

Source: Hyblock

However, traders might need to be wary as BTC might drop further. As Rekt Capital opined, Bitcoin might still have two more days of downside before the price might begin to rise slowly.

Next: XRP: Decoding what’s next – Do bulls still stand a chance?

READ ALSO

Bitcoin nears $91K as buying pressure soars, but challenges emerge

Spot Bitcoin ETF Options – How U.S exposure is set to soar after CFTC’s notice

  • Bitcoin’s market structure revealed it was close to a re-accumulation zone.
  • A bounce to $65,065 could be BTC’s target once the coin recovers.

According to crypto trader Rekt Capital, Bitcoin [BTC] has left the danger zone and has reached the re-accumulation area. The analyst mentioned this in a post on X (formerly Twitter) on the 11th of May.

See also  Bitcoin miner Northern Data moves to dismiss ex-employees’ lawsuit

From the chart Rekt Capital shared, he explained how the coin has satisfied the post-halving correction, and in two days, Bitcoin might have left the danger area entirely.

The red days are almost over

To back up his rationale, he referred to the 2016 post-having cycle. At that time, three bearish engulfing candlesticks appeared within 21 days. Later on, BTC surged past $4,250 within some months.

On the 2024 chart, another set of red candlesticks appeared, suggesting that Bitcoin’s correction could be close to its end. At press time, Bitcoin’s price was $60,509.

Analyst shows Bitcoin's price is targeting a rebound

Source: Rekt Capital/X

This was a 5.61% decrease in the last seven days. As a result of this plunge, many BTC contracts in the market were liquidated.

Using data from Hyblock, AMBCrypto noticed that there was a magnetic zone around liquidation levels. This indicator shows price levels where traders risk being liquidated.

The magnetic zone (blue) indicates a high level of liquidity and implies that the price might move in that direction. For Bitcoin, the price could move toward $65,065 in the short term.

This might happen only if BTC bounces. Failure to reverse upwards might cause a further price decrease. Also, the CLLD, which is the Cumulative Liquidation Level Delta (CLLD) was negative.

Negative values of the CLLD indicate that short are starting to feel more of the liquidations. If sustained, this could be bullish for Bitcoin’s price.

Bitcoin liquidation levels shows a bullish sign

Source: Hyblock

HODLers are in on the exit

We also found evidence of the potential price increase from another metric on Glassnode. The metric in question was the Hodler Net Position Change.

See also  Hong Kong Debuts Asia's First Inverse Bitcoin ETF

Hodler Net Position Change tracks the monthly net position of long-term investors. If the value is negative, it means that Bitcoin holders are realizing gains, or cashing out on their assets.

However, a positive reading of the Hodler Net Position Change implies accumulation. Up until the last week of April, the metric was negative, indicating that investors were booking profits.

But since the first week in May, that has changed. Specifically, long-term holders bought 26,990 BTC on the 10th of May. As it stands, this accumulation might continue.


Read Bitcoin’s [BTC] Price Prediction 2024-2025


Sustaining this momentum might ensure that Bitcoin trades above $60,000 in the coming days. For the long term, this could be instrumental for the parabolic upside.

Bitcoin long-term investors are accumulating

Source: Hyblock

However, traders might need to be wary as BTC might drop further. As Rekt Capital opined, Bitcoin might still have two more days of downside before the price might begin to rise slowly.

Next: XRP: Decoding what’s next – Do bulls still stand a chance?
Tags: 65KBitcoinBTCFocuskeyLevel

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