Bitcoin traders set six-figure price targets after BTC reclaims $61K

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Bitcoin is rebounding from two-month lows below $57,000 with a 5.2% leap over the last 24 hours. 

Data from Cointelegraph Markets Pro and TradingView reveals that Bitcoin’s (BTC) price rose from lows of $56,551 on May 1, climbing 9.85% to an intraday high of $62,123 on May 3.

BTC/USD daily. Source: TradingView

What levels should traders and analysts watch for BTC on the upside as marketwide recovery continues across crypto markets?

Bitcoin price key resistance remains at $64,000

In a repeat of the move that followed its drop below $60,000 before the April 20 halving event, Bitcoin is rapidly heading toward the $62,000 zone.

This is the critical point on traders’ radars and one that has not received a convincing retest.

Independent trader Eliz spotted Bitcoin hovering at $61,783, saying even with BTC’s recovery from sub-$60,000 levels, “the obstacle to overcome is still the same.”

The trader explained that $62,000 was the key level on BTC’s daily chart.

Source: Eliz

Fellow analyst Val Me shared a chart with BTC displaying a long green engulfing candle in the four-hour timeframe.

“Another important step – take over 65k,” he explained, examining ground above $60,000.

Using exponential moving averages (EMAs) on the daily chart, crypto influencer Lark Davis pointed out that Bitcoin was facing resistance from the 100-day EMA, currently at $59,972. For Davis, the next major resistance was the 50-day EMA, currently sitting at $63,902, which “we don’t want to see a strong” rejection from.

“What we want to see now is a definitive candle close over that with some volume.”

Davis’ observation is reinforced by on-chain data from market intelligence firm IntoTheBlock. Its In/Out of the Money Around Price (IOMAP) model showed that the 50-day EMA lies within the $62,858 and $64,670 price range, where approximately 577,220 BTC were previously bought by roughly 1.56 million addresses.

Bitcoin IOMAP chart. Source: IntoTheBlock

The same IOMAP chart showed that BTC faced stiff resistance in its recovery path compared to the support it enjoyed on the downside.

Related: BTC price chart seen mirroring US spot Bitcoin ETF launch pattern

Bull flag on the weekly chart project’s BTC price to $118,000

On levels to watch for Bitcoin on the upside, independent analyst Crypto Wealth suggested $82,000 as the first target, provided that the $60,000 level holds.

Popular analyst Ali Matinez shared a chart showing that the TD sequential indicator had sent a buy signal on the daily chart, aligning with the ongoing recovery.

“It anticipates a one to four daily candlesticks rebound for $BTC.”

Meanwhile, crypto trader Moustache posted the following chart on X, showing that BTC had retested an ascending trendline that has supported the price since early 2023.

“The thing will be sent higher. It’s only a matter of time.”

Bitcoin weekly chart. Source: Moustache

From a technical perspective, Bitcoin’s price action has painted a bull flag on the weekly chart, which hints at the continuation of the uptrend.

BTC/USD weekly chart. Source: TradingView

BTC bulls face resistance from the flag’s upper boundary at $67,000. A weekly candlestick close above this level would signal a possible breakout from the chart formation, clearing the path to the $73,808 all-time high and later to the $80,000 mark.

Higher than that, Bitcoin may rally toward the technical target of the governing chart pattern at $118,500. Such a move would represent a 77% ascent from the current price.