• Bitcoin’s sustained bullish sentiment, marked by long-legged candle formations, hints at further price appreciation.
• Breaking through resistance levels at $69,347 and $61,333 could fuel a sustained rally in Bitcoin’s price.
• Key support levels at $56,934 and $47,091 provide essential foundations during market corrections.

Bitcoin’s recent price action has left many traders and investors eagerly eyeing the charts for signs of a continued bullish trend. With BTC surpassing the $70,000 mark on a two-week timeframe, analysts are anticipating “Banana Zone,” a stage marked by sustained upward momentum and bullish sentiment.

As per Egrag Crypto, a top analyst, in recent weeks Bitcoin has exhibited a notable pattern of long-legged candle formations, indicating strong support from bulls who are eagerly buying up any dips in the market. This pattern, observed over a two-week timeframe, suggests a resilient bullish sentiment that could fuel further price appreciation.

As further highlighted by Captain Faibik, an analyst, key to solidifying this bullish outlook is a decisive break above the $68,000 resistance level, which would confirm a bullish flag breakout. Once this breakout is confirmed, analysts anticipate a potential 25% rally in June, propelling Bitcoin to new heights.

Examining critical resistance levels, Bitcoin faces hurdles at $69,347 and $61,333, both of which have historically posed challenges for price movement. Breaking through these resistance levels could pave the way for a sustained rally towards higher targets.

Conversely, key support levels at $56,934 and $47,091 provide crucial foundations during market corrections, ensuring the maintenance of the current bullish structure. These levels have historically absorbed significant selling pressure, bolstering confidence among bulls.

Source: Egrag Crypto

Looking ahead to the long-term outlook, projections indicate a potential consolidation phase extending into mid-2025. This period of range-bound trading could offer opportunities for accumulation before a significant breakout.

Bitcoin/USD 1-day price chart, Source: TradingView

Despite Bitcoin’s current price of $67,079.68, with a 24-hour trading volume of $24,472,237,624 and a modest 1.49% increase in the last 24 hours, indicators such as the 1-day RSI and MACD suggest a neutral position with potential upward momentum in the short term. Additionally, the 1-day 50 EMA, 100 EMA, and 200 EMA all indicate a bullish trend, with Bitcoin’s price comfortably above these moving averages.

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