Bitcoin (BTC) reached a price of $67,000 on May 19 as liquidity around the spot price increased towards the end of the week.
BTC/USD 4-hour chart. Source: TradingView
Bitcoin is facing resistance levels around $70,000, with month-to-date gains now exceeding 10%. Analysts have identified $72,000 as the major resistance zone that needs to be surpassed.
According to Daan Crypto Trades, there are still significant levels at around $68,000, but most liquidity lies beyond $72,000. The concentration of liquidity at the time of writing is around $66,500 and $67,800.
Additionally, the 100-day moving average (MA) of Bitcoin is seen as a crucial long-term support level. Daan Crypto Trades believes that it will be a good indicator to gauge momentum in the mid to high timeframes.
BTC/USD chart with 100MA. Source: Daan Crypto Trades
Another trader, Rekt Capital, has a positive outlook for Bitcoin, stating that a mere 1% increase in price could lead to a new chapter in the bull market. He suggests that BTC only needs to drop by -1% to perform a post Bull Flag breakout retest attempt for the upward trend to continue.
BTC/USD 1-day chart. Source: Rekt Capital
However, not all traders share the same optimism. Credible Crypto believes that BTC/USD will return to retest the $60,000 level or even lower, indicating a potential 10% drop. He warns that altcoins may experience even more significant losses in this scenario.
BTC/USD chart. Source: Credible Crypto
It is important to note that this article does not provide investment advice or recommendations. Investors should conduct their own research and analysis before making any decisions.