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Bitcoin rebound imminent? Analysis of May 15, 2024

Wed 15 May 2024 ▪ 5 min of reading ▪ by Family Trading Partnership

After experiencing downward pressure to $60,000, Bitcoin is showing signs of buyer interest. Let’s analyze together the future prospects for the BTC price.

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Bitcoin (BTC) Price Situation

After rebounding 15% from $57,000, Bitcoin encountered selling pressure at $65,000. Following this rise, the price gradually moved towards $60,000. Recently, there has been renewed buying interest at this price level, which seems to be defended to this day. Thus, the cryptocurrency is currently in a period of indecision.

At the time of writing this text, Bitcoin is trading around $62,000. Although the underlying trend remains bullish, the position of the Bitcoin price below its 50-day moving average casts doubt on the continuation of this trend, at least in the short term. Oscillators show a stabilizing Bitcoin dynamic. Despite its current weakness, this could indicate a potential return of the bullish dynamic for the leading cryptocurrency.

BTCUSD Daily Chart
BTCUSD Daily Chart

The current technical analysis was carried out in collaboration with Elie FT, a passionate investor and trader in the cryptocurrency market. He is currently a trainer at Family Trading, a community of thousands of prop traders active since 2017. You will find Lives, educational content, and mutual support around financial markets in a professional and friendly atmosphere.

Focus on Derivatives (BTCUSDT)

Since mid-April, the open interest on BTC/USDT contracts has modestly followed the Bitcoin price, demonstrating slight buyer interest from speculators. This restraint reflects the idea of a period of indecision among investors. Concerning liquidations, they have been insignificant. Regarding the funding rates associated with BTC/USDT contracts, they fluctuate between positive and negative, indicating that interest in these contracts is stable and well aligned with their underlying asset.

Bitcoin Open Interest / Liquidations & Funding rate

The liquidation heatmap for the past month indicates that BTC/USDT has three significant liquidation zones above the current price. We can note the zone around $64,000, the zone around $65,500, and, even higher, the zone between $67,000 and $68,000. Below, the zone around $60,000 is also notable, although more subtle. If the market approaches these levels, we could witness a massive triggering of orders, potentially increasing the cryptocurrency’s volatility. These zones thus represent major points of interest for investors.

BTC Liquidation Heatmap (1 month)

Hypotheses for Bitcoin (BTC) Price

  • As long as Bitcoin manages to stay above $60,000, we can anticipate breaking $64,000. The next resistance to consider, if the upward movement continues, would be in a price range around $67,000 and $68,000. Even higher, we can note the $71,000 and above. At this point, it would represent an increase of more than 14%.
  • If Bitcoin does not stay above $60,000, we could consider renewed buyer interest again at $57,000. The next level to consider, if the downward movement continues, would be around $54,000. Lower, we can note the well-known level of $52,000 – $50,000. At this point, it would represent a decrease of about -19%.


Bitcoin is showing signs of stabilization after oscillating between a bullish and bearish period. Despite existing signs of weakness, there are hints of a possible return of bullish momentum for the cryptocurrency. Thus, it will be crucial to closely observe the price reaction to various key levels to confirm or invalidate the current hypotheses. It is also important to remain vigilant against potential “fake outs” and “squeezes” in each scenario. Finally, let us remember that these analyses are based solely on technical criteria and that cryptocurrency prices may also evolve rapidly depending on other more fundamental factors.

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Family Trading

Family Trading est une Communauté de traders a compte propre active depuis 2017 offrant Lives, contenus éducatifs et entraides autour des marchés financiers dont celui des cryptomonnaies avec à ses côtés Elie FT, investisseur et trader de passion sur le marché crypto.


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