Bitcoin clings to $67K, but analysis warns of 10% BTC price drop next

News Feed - 2024-05-19 06:05:43

William Suberg14 hours agoBitcoin clings to $67K, but analysis warns of 10% BTC price drop nextBitcoin bulls are enjoying 10% month-to-date gains currently, but one trader warns that the picture should soon look very different for BTC price action.15226 Total views28 Total sharesListen to article 0:00Market UpdateOwn this piece of crypto historyCollect this article as NFTJoin us on social networksBitcoin (BTC) circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.BTC/USD 4-hour chart. Source: TradingViewBitcoin resistance levels crystallize around $70,000

Data from Cointelegraph Markets Pro and TradingView showed bulls holding the week’s upside, with month-to-date gains now above 10%.

Analyzing hurdles to overcome, popular trader Daan Crypto Trades noted that $72,000 now represented the largest resistance zone.

“Price did take out a big cluster around 67.4K but there’s still some big levels at ~$68K. ~$72K onwards is where most liquidity lies atm,” he wrote in part of a post on X alongside a chart from monitoring resource CoinGlass.“Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”BTC/USDT liquidation heatmap. Source: Daan Crypto Trades

Closer to spot price, concentrations of liquidity focused on $66,500 and $67,800, respectively, at the time of writing.BTC liquidation heatmap (screenshot). Source: CoinGlass

Continuing, Daan Crypto Trades flagged the significance of Bitcoin’s 100-day moving average (MA) as a long-term support level.

“This will be a good indicator going forward to gauge mid/high timeframe momentum,” he commented.BTC/USD chart with 100MA. Source: Daan Crypto Trades

Popular trader and analyst Rekt Capital furthered the hopeful outlook for Bitcoin, suggesting that just 1% BTC price upside stood between current action and a new chapter in the bull market.

“BTC only needs to drop an additional -1% to perform the post Bull Flag breakout retest attempt in an effort to secure trend continuation to the upside,” he explained while examining daily timeframes.BTC/USD 1-day chart. Source: Rekt CapitalTrader: BTC price due to dip 10% “at minimum”

More conservative views on recent BTC price action came, among others, from fellow trader and commentator Credible Crypto.

Related: Bitcoin preps ‘golden cross,’ which last sparked 170% BTC price gains

An X post on May 17 suggested that the upside was now all but complete and that BTC/USD should return to retest $60,000 or lower.

“At this point, I think we will, at minimum, tag 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 ultimately I think it will give way.”BTC/USD chart. Source: Credible Crypto

Credible Crypto added that altcoins would suffer more acute losses should that scenario play out.

“A move down 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 when making a decision.# Bitcoin# Bitcoin Price# Markets# PredictionsAdd reaction