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

Bitcoin circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.

BTC/USD 4-hour chart. Source: TradingView

Bitcoin 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 Capital

Trader: 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

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.

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