Does Bitcoin show signs of bouncing back?

The cryptocurrency market is consolidating, and Bitcoin appears to be on the rise. With the price dropping and now trading at $63,085, there may be a change in the market structure that favours bulls.

The trend line that links the all-time high of $73,949 and ensuing lesser highs should be retested by investors as they anticipate Bitcoin to rise higher. The likelihood of a bull movement continuing will rise dramatically if Bitcoin can penetrate this level of downward resistance.

Alternative coins may break out from their consolidation as well. Two important macroeconomic events this week include Fed Chair Jerome Powell’s speech on May 14 and the US CPI inflation report on May 15.

Crypto token unlocks worth $1.2 billion are expected to flood the crypto markets, with the top three unlocks potentially seeing an uptick in buying pressure before the unlock, leading to a sell-the-news event for the underlying token. Stark’s STRK token could see a bullish recovery rally, as it retesting the declining trendline after a breakout on May 2.