-Bitcoin hovered around the $66,000 mark on March 16 after U.S. macroeconomic data triggered a surge in risky assets.
Data from Cointelegraph Markets #Pro and TradingView tracked bitcoin's price momentum as bulls tried to consolidate a 7.5% rise from the previous day.
The rise followed the release of the 4-month Consumer Price Index (CPI) report, which slightly beat expectations and raised the possibility of a deterioration in the financial position of #cryptocurrencies and other risky assets.
However, the reaction of some participants was cautious. Market analysts point to the rapid increase in open interest as a potential sign that Bitcoin's price volatility may be unsustainable.
A popular trusted crypto trader commented after the publication of the consumer price index, saying, "We don't want to see the price of #MemeWatch2024 go up.
He added: "The 62-63k area is key - if you want to avoid 59-60k, you have to stay there. If we lose it, we immediately go back to 59-60k.
I'm not sure which of the two scenarios awaits me at the moment, so I'm preparing for both.
Another trader, Daan Crypto Trades, pointed out a significant sell order above the spot price. "Some large orders have been placed above the price.
Most of them are between £66,000 and £67,000, which would bring the total number of orders to over 400 million," he noted on May 15. ""
"When prices start to 'eat' them up, they often fulfill most orders quickly.
CoinGlass data showed that most potential short-term liquidations were centered around 67,000.
Despite such cautious views, some traders remained optimistic.
Experienced trader Peter Brandt reiterated a long-term optimistic stance on bitcoin, saying: "I've shown this chart many times in the past in different ways, but that's to my credit.
Michael van de Poppe, founder and CEO of Mntrading, predicts a period of steady bitcoin growth, which could favor #altcoins .
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