Bitcoin (BTC) orbited $67,000 on May 19th as liquidity around the spot price strengthened towards the weekly close.
Bitcoin resistance level crystallizes around $70,000
Cointelegraph Markets Pro and TradingView It shows that the bulls are holding on to this week’s upside, with month-to-date gains now exceeding 10%.
Popular trader Daan Crypto Trades analyzed the hurdles to overcome and pointed out that $72,000 is currently the biggest resistance zone.
“Price has certainly gotten rid of a big cluster around $67.4,000, but there are still some big levels at ~$68,000. From ~$72,000 onwards is where most of the liquidity is in ATMs,” he said. said. I have written Some posts on X (formerly Twitter) and a graph of monitoring resources coin glass.
“Below, most are resolved in the recent downtrend, but the first notable level would be the ~$60,000 area.”
Closer to the spot price, liquidity was concentrated at $66,500 and $67,800, respectively, at the time of writing.
Continue to trade large cheap virtual currency flagged The importance of Bitcoin’s 100-day moving average (MA) as a long-term support level.
“This will be a good indicator of momentum in the medium to high time frames going forward,” he commented.
Popular trader and analyst Rekt Capital furthers his hopeful outlook for Bitcoin, suggesting that there is only a 1% rise in BTC price between current action and a new chapter in the bull market. .
“Bitcoin only needs to fall another -1% to perform a post-bull flag breakout retest to ensure uptrend continuation,” he said. explained While examining the daily time slots.
Trader: BTC price will fall by “at least” 10%
A more conservative view of recent BTC price movements comes from fellow trader and commentator Credible Crypto and others.
Related: Bitcoin prepares for ‘golden cross’, last time it caused BTC price to rise 170%
Ann ×post On May 17th, the upside was almost complete, suggesting that BTC/USD should return to retest $60,000 or below.
“At this point, I think we’ll be tagging at least 59,000 to 60,000 regions,” he warned, along with a graph.
“The 62-63k blue zone remains an area of interest and may provide some temporary relief, but I think it will eventually give way.”
Credible Crypto added that if this scenario were to materialize, altcoins would suffer more severe losses.
“A drop between $59,000 and $60,000 in BTC is a 10% decline, and the respective declines will be even larger for many alt currencies,” 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 when making decisions.
