Cryptocurrency Price on May 13: Bitcoin holds above $61.1k; Solana, Dogecoin decline up to 5%

"Bitcoin trades at the $61,000 level over the weekend. could not hold its recovery the last week with increased liquidations. Bulls are defending at the $59,600 level, however they should push Bitcoin above the $62,600 level to continue the upward trend. The next support now lies at the $60,520 level and then $59,600 and the resistance lies at the $62,500 level and then $63,100 level," said Edul Patel, CEO of .

Meanwhile, Rajagopal Menon, Vice President at , said, "With Bitcoin now trading close to $61,000 heightened selling pressure demands a crucial support hold at $60,000 to avert further declines. Failure to sustain higher levels has significantly dampened bullish sentiment, overshadowing the broader crypto market, especially with imminent economic data releases like April's inflation figures."

"Technical indicators show the hourly MACD gaining momentum in the bearish zone. However, the hourly RSI for BTC/USD has dropped below the 50 level, indicating a downward movement. Major support levels stand at $59,075, $56,640, and $54,400, while significant resistance levels include $63,400, $65,050, and $67,160. These levels could dictate Bitcoin's action in the near term," Rajagopal said.

Also Read:

The volume of all stablecoins is now $41.35 billion, which is 91.37% of the total crypto market 24-hour volume, as per data available on .

Within the same timeframe, Bitcoin's market cap rose to $1.205 trillion, with BTC volume rising by 33.4% to $17.37 billion.

Also Read:

Tech View by Trade Desk
Despite initial signs of recovery, Bitcoin's momentum faltered this week, indicating that bearish sentiment persists. While bulls staunchly defended the $59,600 level, attempts to breach the 20-day exponential moving average ($62,650) proved unsuccessful. This stalemate underscores the intense tug-of-war between buyers and sellers. With Bitcoin poised to conclude the week with a loss exceeding 4%, attention turns to the critical $60,000 mark. The longer the price hovers around this level, the higher the risk of a potential downside breakout. Nonetheless, analysts maintain optimism regarding Bitcoin's trajectory in the post-halving cycle, offering hope amidst the current market volatility.


After making the new all-time high of $73,777 (on 14th March), Bitcoin witnessed a sharp correction and the prices fell almost by 23% and dropped to $56,552. The asset took support at the key level of $56,000 and bounced back to $65,500. BTC has strong support at $60k and $56k. If it holds and sustains above this level then we may expect the bulls to resume the up move whereas if the prices close below $56,000 then we may see further downfall. To witness a rally BTC has to break, close and sustain above the previous high of $73,777.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

Source: Forex-Markets-Economic Times