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%, according to data from Cointelegraph Markets Pro and TradingView. Analyst Daan Crypto Trades highlighted $72,000 as the largest resistance zone, stating that there are still some significant levels at around $68,000. The most liquidity can be found from $72,000 onwards.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades
At the current time, concentrations of liquidity are focused on $66,500 and $67,800, closer to the spot price, as shown in the BTC liquidation heatmap from CoinGlass.
BTC liquidation heatmap (screenshot). Source: CoinGlass
Daan Crypto Trades also emphasized the importance of Bitcoin’s 100-day moving average (MA) as a long-term support level, stating that it will be a good indicator to gauge momentum in the mid/high timeframe.
BTC/USD chart with 100MA. Source: Daan Crypto Trades
Another trader, Rekt Capital, expressed an optimistic outlook for Bitcoin, suggesting that a mere 1% increase in BTC price is needed to enter a new chapter in the bull market. He explained that Bitcoin only needs to drop by -1% to perform the post Bull Flag breakout retest attempt and continue its upward trend.
BTC/USD 1-day chart. Source: Rekt Capital
However, some traders, including Credible Crypto, have a more conservative view on recent BTC price action. Credible Crypto warned that BTC/USD should return to retest $60,000 or lower, suggesting a potential 10% drop. He also noted that altcoins would likely experience even greater 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. Readers should conduct their own research before making any investment decisions.