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Currently, Bitcoin advocates are enjoying a 10% month-to-date gain, but one trader warns that the BTC price situation will soon change very differently.
Bitcoin hovered around $67,000 on May 19 as liquidity around spot prices strengthened over the weekend.
Bitcoin resistance levels clearly form around the $70,000 level
Data from TradingView shows Bitcoin advocates holding onto the week's gains, with month-to-date gains exceeding 10%.
Analyzing the obstacles that need to be overcome, popular trader Daan Crypto Trades noted that $72,000 currently represents the biggest resistance zone.
“Price broke out of a big cluster around 67.4K but still has some big levels left at around $68K. From around $72K onwards is where most of the liquidity lies at the moment,” he wrote in part of a post on X (formerly Twitter) along with a chart from the monitoring source CoinGlass.
“Down below, which has been mostly cleared with the recent downtrend, the first notable level will be around $60K.”
Closer to spot prices, the liquidity focus points to $66,500 and $67,800, respectively, at the time of writing.
Go ahead, Daan Crypto Trades Has emphasized The importance of Bitcoin's 100-day moving average (MA) as a long-term support level.
“This will be a good indicator to gauge momentum in the medium to long-term timeframe,” he commented.
Famous trader and analyst Rekt Capital continues to offer an optimistic outlook for Bitcoin, claiming that just another 1% increase in BTC price could open a new chapter in the bull market.
“BTC only needs to fall another 1% for a retest of the Bull Flag breakout to ensure continuation of the uptrend,” he said. explain when considering daily timeframes.
Trader: BTC price will drop at least 10%
A more conservative view on recent BTC price movements comes from trader and commentator Credible Crypto.
An X post on May 17 suggested that the current rally is almost complete, and BTC/USD should return to test $60,000 — or lower.
“At this point, I think we will at least touch the 59-60k area,” he warned with a chart.
“The green zone at 62-63k remains an interesting area that could provide some temporary relief, but eventually I think it will break down.”
Credible Crypto added that altcoins would suffer heavier losses if that scenario occurred.
“A drop to 59-60k in $BTC is a 10% drop – for many altcoins, their respective drops would be much larger,” he concluded.
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