Bitcoin remains at $67,000, but analysis warns the next BTC price drop will be 10%.
Bitcoin (BTC) hit $67,000 on May 19 as liquidity around the spot price strengthened towards the close of the week.
Bitcoin resistance level is determined to be around $70,000.
Data from Cointelegraph Markets Pro and TradingView shows the bulls have maintained their gains this week, with monthly gains now exceeding 10%.
Analyzing the obstacles to overcome, popular trader Daan Crypto Trades pointed out that $72,000 currently represents the greatest resistance area.
“The price has eliminated a large cluster of ~$67.4K, but there is still a large level of ~$68K. “After ~$72K is where most of the liquidity is,” he wrote in part of a post about X, accompanied by a chart from monitoring resource CoinGlass.
“Below, most have been liquidated following the recent downtrend, with the first notable level likely to be the ~$60,000 region.”
Closer to the spot price, liquidity concentration was at $66,500 and $67,800 respectively at the time of this writing.
Daan Crypto Trades went on to highlight 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 mid/high period going forward,” he said.
Popular trader and analyst Rekt Capital further developed his hopeful outlook for Bitcoin, suggesting that there is room for just 1% BTC price upside between current action and a new chapter in the bull market.
Surveying the daily time frame, he explained, “BTC only needs to drop another -1% to undertake a retest attempt after breaking the bull flag in an effort to secure a continuation of the uptrend.”
Trader: BTC price due to drop by “at least” 10%
Fellow trader and commentator Credible Crypto offered a more conservative view on the recent BTC price action.
Related: Bitcoin prepares for ‘golden cross’, which finally triggered a 170% BTC price rise.
An X post from May 17th suggested that the uptrend is now nearly complete and that BTC/USD should retest below $60,000.
“At this point, I think we’ll be tagging at least 59 to 60,000 locations,” he warned alongside the chart.
“The blue zone of 62-63k is still an area of concern that may provide temporary relief, but I think it will ultimately break down.”
Credible Crypto added that altcoins would suffer more severe losses if that scenario were to play out.
“$BTC going down to 59-60,000 is a 10% decline. “For many alternatives, the respective declines will be much larger,” he concluded.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
