Bitcoin 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.
Bitcoin $67,630 circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.
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Bitcoin resistance levels crystallize around $70,000
Data from 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 (formerly Twitter) alongside a chart from monitoring resource CoinGlass.
“Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”
Closer to spot price, concentrations of liquidity focused on $66,500 and $67,800, respectively, at the time of writing.
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.
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.
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 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.”
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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