The Bitcoin price was trading at $63,745, as of 3:30 am EST, down 1% over the last 24 hours.

BTC price has displayed strength, rising 16% from two-month lows reached last week at $56,500 to a high of $65,523 on May 6.

According to popular trader Rekt Capital, this move saw the big crypto move out of the “Post-Halving Danger Zone,” ushering the price into the "Re-accumulation phase” where the price could coil for a few months before entering the parabolic uptrend.

At the time of publication, the BTC price is trading within an important range, stretching from $61,800 and $65,550 as shown on the daily chart below.

This is also reinforced by IntoTheBlock’s IOMAP chart which shows that Bitcoin is currency trading within two major levels. The buyer congestion zone stretches from $61,843 to $63,728 where 485,110 BTC were previously bought by 1.62 million addresses.

On the upside, BTC faced immediate resistance from the supply area stretching from $63,800 to $65,540 where approximately 899,350 BTC were previously bought by 1.69 million addresses.

Note that these two zones define the area marked out by the band on the daily chart below. This is also where both the 20-day exponential moving average (EMA) and 50-day EMA lie at the moment.

Note that, if BTC drops below the lower limit of the zone at $61,800, it could drop below the lower toward the 100-day EMA at $60,236 before tagging the $60,000 psychological level. 

On the upside, a daily candlestick close above $63,500, where both the 20-day and 50-day EMA’s sit, would bolster the price toward the upper boundary of the rectangle at $65,550.

Key levels to watch higher than that are the $68,000 and $70,000 psychological levels and later the all-time high at $73,835. Scaling above this resistance would usher Bitcoin bulls into price recovery as the crypto moves toward the much-awaited $80,000 mark.