Bitcoin's price has experienced a notable resurgence, bouncing back by over 12.50% just three days after hitting a two-month low. This rebound, seeing Bitcoin surpass $64,000 on May 4, is largely attributed to the U.S. Federal Reserve's commitment to maintaining interest rates steady until 2024. Additionally, positive U.S. employment data, indicating a decline in jobless claims, has contributed to Bitcoin's upward momentum.

Despite this recovery, there are indications of a potential correction in Bitcoin's price. Technical analysis suggests that Bitcoin may face resistance near the $64,895 level, with a failure to overcome it potentially leading to consolidation or reversal. In such a scenario, the next support level could be around $60,500 in May, followed by a further downside towards $56,580.

Analyzing on-chain metrics, the Bitcoin Net Unrealized Profit/Loss (NUPL) currently stands at 0.54, signaling significant unrealized gains among BTC holders. While this suggests a confident market sentiment, the NUPL has decreased from its peak earlier in 2024, indicating a potential decline in euphoria and potential price corrections in the future.

Despite these cautious signals, some analysts remain optimistic about Bitcoin's long-term prospects. Market analysts such as SHIB Knight foresee Bitcoin reaching $85,000, citing a bull flag setup, while others, like Steph is Crypto, propose six-figure price targets based on relative strength index (RSI) analysis.