Bitcoin

Bull Flag

when

Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) circled $67,000 on May 19 as liquidity around spot price strengthened into the weekly close.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/3df0a3cb-5798-4bd4-a9de-4195d48409a8.png" alt="" title="">
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 BTC/USD 4-hour chart. Source: TradingView
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<h2 data-ct-non-breakable="true" id="bitcoin-resistance-levels-crystallize-around-70-000">Bitcoin resistance levels crystallize around $70,000</h2>
Data from <a href="https://subscription.cointelegraph.com/">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed bulls holding the week’s upside, with <a href="https://cointelegraph.com/news/bitcoin-etf-volumes-7-week-high-btc-price-67k">month-to-date gains</a> 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 alongside a chart from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener nofollow">CoinGlass</a>. 
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 “Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/62707fa9-3532-4334-80b1-f68beb9805a8.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation heatmap. Source: <a href="https://x.com/DaanCrypto/status/1791892256078913673" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
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Closer to spot price, concentrations of liquidity focused on $66,500 and $67,800, respectively, at the time of writing.
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/230d8afa-2aeb-4db4-9eac-cf4e7b88338a.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC liquidation heatmap (screenshot). Source: CoinGlass
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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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/66f596c1-a222-4f17-ba06-08bd88df162d.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart with 100MA. Source: <a href="https://x.com/DaanCrypto/status/1791922455000252733/photo/1" target="_blank" rel="noopener nofollow">Daan Crypto Trades</a>
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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.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-05/44dc9e3a-72e5-48f1-b257-b15b5102cd34.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD 1-day chart. Source: <a href="https://x.com/rektcapital/status/1791836627750269248" target="_blank" rel="noopener nofollow">Rekt Capital</a>
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<h2 data-ct-non-breakable="true" id="trader-btc-price-due-to-dip-10-at-minimum">Trader: BTC price due to dip 10% “at minimum”</h2>
More conservative views on recent BTC price action came, among others, from fellow trader and commentator Credible Crypto.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-golden-cross-last-sparked-170-btc-price-gains">Bitcoin preps ‘golden cross,’ which last sparked 170% BTC price gains</a>
An X post on May 17 suggested that the 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. 
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 “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.”
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 <img src="https://s3.cointelegraph.com/uploads/2024-05/94e8b4f9-26ee-4dfb-ae3b-cdf31412b1e4.jpeg" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USD chart. Source: <a href="https://x.com/CredibleCrypto/status/1791519075228668190/photo/1" target="_blank" rel="noopener nofollow">Credible Crypto</a>
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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. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin clings to $67K, but analysis warns of 10% BTC price drop next

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Cointelegraph

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