Bitcoin technical outlook
From a technical perspective, Bitcoin remains within a broader medium-term recovery structure despite recent weakness.
Last week the cryptocurrency successfully rebounded from its mid-to-late April lows at $74,931-to-$73,304.40 and has since reclaimed the $78,000 region before slipping back to $76,000.
Nonetheless Bitcoin has continued forming a sequence of higher lows since April, although recent volatility and ETF outflows have weakened short-term momentum.
Bitcoin bullish case:
While Bitcoin remains above its current May low at $74,156.43, a rise and daily chart close above last week’s high at $78,147.29 may occur. If so, the 22-to-27 April highs at $79,498.43-to-$79,498.80 may be reached next, ahead of the 200-day simple moving average (SMA) at $80,152.41. Further up lies the early May peak at $82,814.03.
Bitcoin bearish case:
Were the current May low at $74,156.43 to give way, the mid-April lows at $73,711.71-to-$73,304.40 would probably be revisited. Failure there would likely point towards the 9-to-12 April lows at $70,508.60-to-$70,461.96.
Short-term outlook: neutral with a bullish undertone while above 23 May low at $74,156.43
Medium-term outlook: bullish with a short-term neutral stance while above the 16 April low at $73,304.40