Bitcoin (BTC) jumped 7.54% in the last 24 hours to cross 65,000

Bitcoin (BTC) has jumped 7.54% in the past 24 hours to surpass $65,000 amid positive US inflation data, and traders are now monitoring both key indicators for a possible rally to $70,000.

A cryptocurrency trader with the pseudonym Blockchain Mane told Cointelegraph that they are closely watching the Gann Fans model, a leading indicator that analyzes the geometric and cyclical movements of the cryptocurrency market, to see if Bitcoin can “stay trending.” “.

“Gann fans are interesting, almost like a time and price momentum indicator,” they said, explaining that it helps better visualize market cycles and price action.

The Gann square consists of a 5×5 grid, column 1 being the start of the cycle. Source: Blockchain Money

“In terms of timing, we are at a pivotal point in the market cycle, right in the middle of the current arena. They explained that if we focus on the upside, we could see a consolidation phase by the end of May.

However, they warned that “if we miss this break, we are likely to see a continuation of the sideways downtrend through the end of May.”

This pattern was revealed for Blockchain Mane on the same day that core inflation fell to its lowest level since 2021 at just 3.6%, potentially reinforcing the possibility of a rate cut.

Blockchain Mane is now looking for Bitcoin to break through the $63,000 “former resistance” price level to become a new support level, arguing that this would be a “bullish” indicator.

Bitcoin (Btc) Jumped 7.54% In The Last 24 Hours To Cross 65,000
Bitcoin is currently trading at $66,085. Source: CoinMarketCap

They would prefer to see “lateral price action” here as more stories pile up, otherwise they argue it could hamper the profit potential of altcoins.

“If you push bitcoin here and it gets rejected, altcoins are likely to take a hit as bitcoin’s dominance continues to grow and altcoins become more and more tied to the price of bitcoin.”

Bitcoin dominance, the ratio of Bitcoin’s market cap to the total market cap of all other cryptocurrencies, rose 2.23% over the past seven days to 55.99%, according to TradingView data.

Related to: Will Bitcoin’s selling pressure ease? The money supply M2 becomes positive

Meanwhile, a head-and-shoulders reversal pattern, which shows that the downtrend is fading and buyers are dominating the market, is one indicator that Bitcoin is about to “bounce,” said cryptocurrency trader Milkybull under the pseudonym Crypto. Say Followers X on May 15.

Bitcoin (Btc) Jumped 7.54% In The Last 24 Hours To Cross 65,000
Source: Milkybull Crypto

A reverse head and shoulders pattern is formed as a reverse setup and involves a “flipped” head and shoulders, with the left and right shoulders inverted below the neck.

If this pattern continues, Bitcoin price could reach the next major price level of $70,000 before reaching the current all-time high price of $74,580, according to Milkybull Crypto.

This represents a roughly 12% jump from its current price of $66,085, according to CoinMarketCap.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risks and readers should do their own research when making a decision.

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