Business Crypto

Bitcoin is holding on to a price of $67,000, but analysis warns of a decline in the price of Bitcoin

Getting your Trinity Audio player ready...

Bitcoin (BTC) hovered around the $67,000 level on May 19 with liquidity strengthening around the spot price into the weekly close.

BTC/USD 4-hour chart. Source: Trading View

Bitcoin resistance levels take shape at around $70,000

Data from Cointelegraph Markets Pro and TradingView showed that the bulls are maintaining this week’s uptrend, with month-to-date gains of more than 10%.

Analyzing the hurdles to overcome, popular trader Daan Crypto Trades noted that $72,000 now represents the largest resistance area.

“The price has captured a big range around $67.4k but there are still some big levels around $68k. ~$72k onwards is where most of the liquidity is,” he wrote in part of a post on X (formerly Twitter) alongside a chart from monitoring resource CoinGlass.

“Below, most of it has settled with the recent downtrend, and the first level to note will be around the $60,000 area.”

Bitcoin Is Holding On To A Price Of 67000 But
Heat map of BTC/USDT liquidation. Source: Dan CryptoTrades/X

Near the spot price, liquidity concentrations stand at $66,500 and $67,800, respectively, at the time of writing.

Bitcoin Is Holding On To A Price Of 67000 But
BTC Liquidation Heatmap (screenshot). Source: Coinglass

Continuing, Daan Crypto Trades noted 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 measure mid/high time frame momentum,” he commented.

1716117321 814 Bitcoin Is Holding On To A Price Of 67000 But
BTC/USD chart with 100MA. Source: Dan CryptoTrades/X

Popular trader and analyst Rekt Capital reinforced the hopeful outlook for Bitcoin, noting that only a 1% rise in the BTC price stands between the current movement and a new chapter in the bull market.

“BTC only needs an additional -1% drop to make a retest attempt following the Bull Flag breakout in an attempt to secure a continuation of the trend to the upside,” he explained while examining the daily time frames.

1716117321 441 Bitcoin Is Holding On To A Price Of 67000 But
BTC/USD daily chart. Source: Reckitt Capital/X

Trader: BTC price may fall by 10% “minimum”

More conservative views on BTC’s recent price action came from, among others, fellow trader and commentator Credible Crypto.

Related: Bitcoin is setting up a “golden cross,” which last led to a 170% BTC price gain

X’s post on May 17 noted that the uptrend is now complete, and that BTC/USD should return to retest the $60,000 level – or lower.

“At this point, I think we will reach, at the very least, the 59-60K area,” he warned alongside the chart.

“The blue zone at 62-63K is still an interesting area and may provide some temporary relief, but eventually I think it will fade away.”

1716117321 606 Bitcoin Is Holding On To A Price Of 67000 But
Bitcoin/USD chart. Source: TrustedCrypto/X

Credible Crypto added that altcoins would suffer more severe losses if this scenario occurred.

“A drop to $59-60k on BTC represents a 10% drop on many altcoins, and their own drop would be much more,” he concluded.

This article does not contain investment advice or recommendations. Every investment and trading move involves risks, and readers should conduct their own research when making a decision.