Bitcoin (BTC) was hovering around the $67,000 level on May 19 as liquidity strengthened.
Bitcoin (BTC) was hovering around the $67,000 level on May 19, with liquidity building around the spot price through the weekly close.
Bitcoin resistance levels looming around $70,000
Data from Cointelegraph Markets Pro and TradingView showed the bulls maintaining this week’s uptrend, with monthly gains of over 10%.
Analyzing the obstacles ahead, popular trader Daan Crypto Trades noted that $72,000 now represents the largest resistance area.
“The price has reached a wide range around $67.4k, but there are still significant levels around $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 CoinGlass monitoring resource.
“Below, most of it has stabilized with the recent downtrend, and the first level of note will be around the $60,000 area.”
Near the spot price, liquidity concentrations stand 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 measure medium/high term dynamics,” he commented.
Popular trader and analyst Rekt Capital reinforced the optimistic outlook for Bitcoin, noting that only a 1% rise in the BTC price stands between the current move and a new chapter of the bull market.
“BTC only needs an additional -1% decline to make another attempt after the Bull Flag breakout to ensure the uptrend continues,” he explained looking at the timeframes daily.
Trader: the price of BTC can drop by 10% “minimum”
More conservative views on BTC’s recent price action have come from, among others, fellow trader and commentator Credible Crypto.
Related: Bitcoin Sets Up a ‘Golden Cross,’ Which Last Led to a 170% BTC Price Gain
X’s May 17 post indicated that the uptrend was now over and BTC/USD was expected to return to retest the $60,000 level – or lower.
“At this point, I think we will reach, at a minimum, the 59-60K zone,” he warned alongside the chart.
“The blue zone at 62-63K is still an interesting area and may provide some temporary relief, but I think it will eventually disappear.”
Credible Crypto added that altcoins would suffer more severe losses if this scenario occurs.
“A drop to $59-60,000 on BTC represents a 10% drop on many altcoins, and their own drop would be much greater,” 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.
