{"id":391524,"date":"2024-05-12T17:30:08","date_gmt":"2024-05-12T12:00:08","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=391524"},"modified":"2024-05-12T12:27:00","modified_gmt":"2024-05-12T06:57:00","slug":"bitcoin-analyzing-the-odds-of-btc-reaching-64k-in-may","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-analyzing-the-odds-of-btc-reaching-64k-in-may\/","title":{"rendered":"Bitcoin: Analyzing the odds of BTC reaching $64K in May"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Whales were selling Bitcoin throughout the last week.\u00a0<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\"><em>Most market indicators suggested that investors might witness a few slow-moving days.<\/em>\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">After a tough week, <\/span><a href=\"http:\/\/ambcrypto.com\/category\/bitcoin-news\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin [BTC]<\/span><\/a><span style=\"font-weight: 400;\"> started to stabilize as its value stayed above a crucial support level. This latest development could result in a price uptick in the coming days, allowing BTC to reclaim $64k.\u00a0<\/span><\/p>\n<h4><b>Is Bitcoin back on track?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">According to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">CoinMarketCap<\/span><\/a><span style=\"font-weight: 400;\">, BTC\u2019s price has dropped by more than 3% in the last seven days. However, the last 24 hours were better, as the coin\u2019s price moved up marginally. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">At the time of writing, BTC was trading at $61,011.10 with a market capitalization of over $1.2 trillion. BTC\u2019s fear and greed index continued to remain in the \u201cgreed\u201d zone, as at press time it had a value of 56.<\/span><\/p>\n<figure id=\"attachment_391525\" aria-describedby=\"caption-attachment-391525\" style=\"width: 734px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-11.03.03\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-391525 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-11.03.03\u202fAM.png\" alt=\"BTC's fear and greed index \" width=\"734\" height=\"644\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-11.03.03\u202fAM.png 734w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-11.03.03\u202fAM-300x263.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-11.03.03\u202fAM-320x280.png 320w\" sizes=\"(max-width: 734px) 100vw, 734px\" \/><\/a><figcaption id=\"caption-attachment-391525\" class=\"wp-caption-text\">Source: Alternative.me<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Crypto Tony, a popular crypto analyst, recently posted a <\/span><a href=\"https:\/\/twitter.com\/CryptoTony__\/status\/1789197247848034627\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">tweet<\/span><\/a><span style=\"font-weight: 400;\"> revealing BTC\u2019s price was near its support at $60k. The tweet also mentioned that there were chances of BTC reclaiming $64k. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Considering the last 24 hours&#8217; performance, the target of $64k in the near term seemed achievable. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Therefore, AMBCrypto analyzed BTC\u2019s metrics to find whether they support the possibility of a price uptick. AMBCrypto\u2019s analysis of CryptoQuant\u2019s <\/span><a href=\"https:\/\/cryptoquant.com\/asset\/btc\/summary\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">data<\/span><\/a><span style=\"font-weight: 400;\"> revealed that selling pressure on BTC was high. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The coin\u2019s net deposit on exchanges was high compared to the last seven-day average. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, both its Coinbase Premium and Korea Premium were red, meaning that selling sentiment was dominant among US and Korean investors.<\/span><\/p>\n<figure id=\"attachment_391526\" aria-describedby=\"caption-attachment-391526\" style=\"width: 2016px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM.png\"><img decoding=\"async\" class=\"wp-image-391526 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM.png\" alt=\"Selling pressure on BTC was high\" width=\"2016\" height=\"546\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM.png 2016w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM-300x81.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM-1024x277.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM-768x208.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM-1536x416.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/Screenshot-2024-05-12-at-10.59.53\u202fAM-1200x325.png 1200w\" sizes=\"(max-width: 2016px) 100vw, 2016px\" \/><\/a><figcaption id=\"caption-attachment-391526\" class=\"wp-caption-text\">Source: CryptoQuant<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Apart from retail investors, whales were also on a selling spree. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">AMBCrypto\u2019s look at Glassnode\u2019s data pointed out that BTC\u2019s number of addresses with balances greater than $100k has dropped sharply over the last seven days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> This clearly indicated that the top players in the crypto market were selling BTC, which could make it problematic for the coin to touch $64k in the short term.\u00a0<\/span><\/p>\n<figure id=\"attachment_391527\" aria-describedby=\"caption-attachment-391527\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k.png\"><img decoding=\"async\" class=\"wp-image-391527 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k.png\" alt=\"BTC whales were selling \" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k.png 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k-300x169.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k-1024x576.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k-768x432.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k-1536x864.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/glassnode-studio_bitcoin-number-of-addresses-with-balance-100k-1200x675.png 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-391527\" class=\"wp-caption-text\">Source: Glassnode<\/figcaption><\/figure>\n<h4><b>Which way is Bitcoin headed?<\/b><\/h4>\n<p><span style=\"font-weight: 400;\">To see whether the recent sell-offs will have an immediate impact on BTC\u2019s price action, AMBCrypto then analyzed its daily chart. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per our analysis, BTC might take some more time to turn volatile in the northward direction. The coin\u2019s Chaikin Money Flow (CMF) registered a sharp downtick.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Its Relative Strength Index (RSI) also moved sideways under the neutral mark.\u00a0<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Read <\/span><a href=\"http:\/\/ambcrypto.com\/predictions\/bitcoin-price-prediction\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC] Price Prediction<\/span><\/a><span style=\"font-weight: 400;\"> 2024-25\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">The MACD displayed that the bulls and bears were competing against each other to gain an advantage in the market. All these indicators hinted at slow-moving days ahead. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">In order for BTC to turn volatile, it must first go above its 20-day Simple Moving Average (SMA), as at press time, BTC&#8217;s price was resting under that level.\u00a0<\/span><\/p>\n<figure id=\"attachment_391528\" aria-describedby=\"caption-attachment-391528\" style=\"width: 2710px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03.png\"><img decoding=\"async\" class=\"wp-image-391528 size-full\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03.png\" alt=\"\" width=\"2710\" height=\"1456\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03.png 2560w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-300x161.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-1024x550.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-768x413.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-1536x825.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-2048x1100.png 2048w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/05\/BTCUSD_2024-05-12_11-10-03-1200x645.png 1200w\" sizes=\"(max-width: 2710px) 100vw, 2710px\" \/><\/a><figcaption id=\"caption-attachment-391528\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin\u2019s price moved up marginally in the last 24 hours, but it might take longer for BTC to turn volatile\u00a0<\/p>\n","protected":false},"author":75,"featured_media":391530,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,360,66,3,4,20],"tags":[6427],"class_list":["post-391524","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-btc-trading-view","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - 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