Bitcoin bulls are currently enjoying a 10% month-to-date gain, but one trader warns that the picture will soon look very different for BTC price action.
Bitcoin hovered around $67,000 as liquidity increased at the weekly close
Bitcoin resistance levels form around $70,000
Data from TradingView shows that bulls have maintained the week's uptrend, with month-to-date gains now above 10%.
Analyzing the obstacles that need to be overcome, famous 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 around ~$68K. ~$72K onwards is where most of the liquidity lies at the moment,” he wrote in part in a post on X (formerly Twitter) along with a chart from CoinGlass.
BTC/USDT liquidation heat map. Source: Daan Crypto Trades/X
“Below, mostly cleaned up with the recent downtrend, the first notable level will be the ~$60K area.”
BTC Liquidation Heat Map | Source: CoinGlass
Closer to spot prices, liquidity is concentrated at $66,500 and $67,800 respectively at the time of writing.
Continuing, Daan Crypto Trades highlights the importance of Bitcoin's 100-day moving average (MA) as a long-term support level.
“This will be a good indicator going forward to gauge medium/long-term timeframe dynamics,” he commented.
BTC/USD chart with 100MA | Source: Daan Crypto Trades/X
Popular analyst Rekt Capital also gave an optimistic outlook for Bitcoin, suggesting that just 1% price increase is left to open a new chapter in the bull market.
“BTC only needs to fall another 1% to test a breakout after the Bull Flag to ensure continuation of the uptrend,” he explained looking at daily timeframes.
BTC/USD 1-day chart. Source: Rekt Capital/X
BTC price will decrease by 10% “minimum”?
More conservative views on recent BTC price action come from trader and commentator Credible Crypto.
In an X post on May 17, he suggested that the current uptrend is almost complete and that BTC/USD should return to testing $60,000 – or lower.
“At this point, I think we will, at a minimum, hit the 59-60k area,” he warned along with the chart.
BTC/USD chart. Source: Credible Crypto/X
“The green zone at 62-63k remains an area of concern that may bring some temporary relief, but ultimately I think it will not hold.”
Credible Crypto added that altcoins will suffer more losses if that scenario plays out.
“A drop to 59-60k on $BTC is a 10% drop – on many altcoins the corresponding drop would be much larger,” he concluded.
*Moving Average (MA) is a technical indicator used to smooth price fluctuations by calculating the average price of an asset over a certain period of time. There are two main types: simple moving average (SMA) and exponential moving average (EMA). SMA averages prices over a specific time period, while EMA puts more emphasis on recent prices. MA helps identify market trends and dynamic support and resistance levels. Investors often use MA in combination with other indicators to make more accurate trading decisions.
Source: https://tapchibitcoin.io/bitcoin-dao-dong-quanh-muc-67k-usd-nhung-phan-tich-canh-bao-gia-btc-se-giam-10-tiep-theo.html
