Home Crypto Bitcoin Holds at $67K, But Analysis Warns of Next BTC Price Drop of 10%.

Bitcoin Holds at $67K, But Analysis Warns of Next BTC Price Drop of 10%.

by Editorial Staff
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Bitcoin (BTC) hit $67,000 on Might 19 as liquidity across the spot value strengthened to the weekly shut.

4 Hour BTC/USD Chart. Supply: TradingView

Bitcoin resistance ranges crystallize round $70,000

Knowledge from Cointelegraph Markets Professional and TradingView confirmed that the week’s acquire was contained, with a month-to-date acquire of greater than 10%.

Analyzing the hurdles to beat, fashionable dealer Daan Crypto Trades famous that $72,000 now represents the largest resistance zone.

“The value did get away an enormous cluster round $67.4k, however there are nonetheless some massive ranges at ~$68k. Above $72K is the place essentially the most liquidity is saved,” he wrote in a part of a submit on X (previously Twitter) subsequent to a chart of the CoinGlass monitoring useful resource.

“Beneath most have been cleared with the latest downtrend, the ~$60k area would be the first to observe.”

BTC/USDT settlement heatmap. Supply: Dan Crypto Trades/X

Nearer to the spot value on the time of writing, the focus of liquidity was concentrated at $66,500 and $67,800, respectively.

BTC liquidation heatmap (screenshot). Supply: CoinGlass

Persevering with, Daan Crypto Trades famous the significance of Bitcoin’s 100-day shifting common (MA) as a long-term assist stage.

“This will probably be a superb indicator to gauge momentum within the medium/greater timeframe,” he commented.

BTC/USD chart with 100MA. Supply: Daan Crypto Trades/X

Common dealer and analyst Rekt Capital supported the bullish outlook for Bitcoin, suggesting that solely a 1% improve within the value of BTC is between the present motion and a brand new chapter within the bull market.

“BTC solely must drop -1% to retry the breakout after the Bull Flag to make sure a continuation of the uptrend,” he defined, wanting on the every day timeframes.

BTC/USD 1-day chart. Supply: Rekt Capital/X

Dealer: BTC Worth Attributable to 10% Drop ‘Minimalist’

Extra conservative views on BTC’s latest value motion got here from fellow dealer and commentator Credible Crypto, amongst others.

Associated: Bitcoin Prepares ‘Golden Cross’ That Final Despatched BTC Costs Up 170%

X’s submit on Might 17 advised that the rally is nearly full and that BTC/USD ought to return to retest $60,000 — or beneath.

“For the time being, I feel we are going to, no less than, point out the area of 59-60 thousand,” he warned subsequent to the chart.

“The blue zone of 62-63k continues to be an space of ​​curiosity that will present momentary reduction, however ultimately I feel it’s going to give manner.”

BTC/USD chart. Supply: Credible Crypto/X

Credible Crypto added that altcoins will undergo sharper losses if this situation performs out.

“A drop to $59-60k BTC is a ten% drop – for a lot of alternate options, their corresponding drop could be a lot bigger,” he concluded.

This text doesn’t include funding recommendation or suggestions. Any funding and buying and selling transfer entails threat and readers ought to do their very own analysis earlier than making a choice.