Bitcoin (BTC) circled $67,000 on May 19 as liquidity around the spot price strengthened into the weekly close.
Bitcoin Resistance Levels Crystallize Around $70,000
Data from Cointelegraph Markets Pro and TradingView showed bulls maintaining the week’s rally, with monthly gains now above 10%.
Analyzing the obstacles ahead, popular trader Daan Crypto Trades noted that $72,000 now represents the largest resistance area.
“Price cleared a big cluster around $67.4k, but there are still significant levels remaining at ~$68k. Starting around $72,000, that’s where most of the liquidity is,” he wrote in part of a post on X (formerly Twitter) alongside a chart of the resource CoinGlass monitoring.
“Below, most of it has been cleared with the recent downtrend, the first notable level would be the ~$60,000 region.”
Closer to the spot price, liquidity concentrations were focused at $66,500 and $67,800 respectively at the time of writing.
Continuing, Daan Crypto Trades highlighted the importance of Bitcoin’s 100-day moving average (MA) as a long-term support level.
“This will be a good indicator to assess medium/high term dynamics,” he commented.
Popular trader and analyst Rekt Capital reinforced the bullish outlook for Bitcoin, suggesting that just a 1% rise in the BTC price lies between the current action and a new bull market chapter.
“BTC only needs an additional -1% decline to make the re-test breakout attempt after Bull Flag with the aim of ensuring the uptrend continues,” he explained by looking at daily deadlines.
Trader: the price of BTC should fall by 10% “at least”
More conservative views on BTC’s recent price action have come from, among others, fellow trader and commentator Credible Crypto.
Related: Bitcoin Readies the “Golden Cross,” Which Last Triggered BTC Price Gains of 170%
A May 17
“At this point I think we will, at a minimum, mark the 59-60k region,” he warned alongside a chart.
“The blue zone at 62-63k is still an area of interest that may offer some temporary relief, but I think ultimately it will give way.”
Credible Crypto added that altcoins would suffer greater losses if this scenario occurs.
“A drop to 59-60k on $BTC is a 10% drop – on many alts their respective drops will be much more,” he concluded.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
News Source : cointelegraph.com
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