Bitcoin hovered around $66,000 on May 16 after U.S. macroeconomic data triggered a surge in risk assets.
Data from Cointelegraph Markets Pro and TradingView tracked Bitcoin’s price movement as bulls tried to solidify a 7.5% gain from the previous day.
This rise followed the April Consumer Price Index (CPI) report, which slightly exceeded expectations and sparked hopes for looser financial conditions for crypto and other risk assets.
However, some reactions were cautious. Market analysts pointed to a rapid increase in open interest as a potential sign that Bitcoin’s price movement might not be sustainable.
Popular trader Credible Crypto commented on the post-CPI environment, saying it was what “we don’t want to see on a rise” in Bitcoin’s price.
He added, “The 62-63k region is key- if we are going to avoid 59-60k we should hold there. Lose that and we go straight back to 59-60k.
“Not sure which of the two scenarios we will get atm so preparing for both.”
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Another trader, Daan Crypto Trades, highlighted significant sell orders above the spot price. “Some massive orders placed above price.
“Most of it sitting between $66K-67K, which totals to over $400M+ in orders,” he noted on May 15.
“If price starts eating into these, it often ends up with a quick fill of most of orders.”
Data from CoinGlass indicated that most potential short liquidations were concentrated around $67,000.
Despite these cautious views, some traders remained optimistic.
Veteran trader Peter Brandt reiterated his long-term bullish stance on Bitcoin, stating, “I have shown this chart many times in the past in slightly different iterations and it remains my preferred interpretation.”
Michaël van de Poppe, founder and CEO of MNTrading, predicted a steady upward period for Bitcoin, potentially boosting altcoins.
“Clearly, Bitcoin has held range low strongly at $60.5K.
“The breakout upwards took place, through which a calm, upwards period seems inevitable,” he concluded.
“This period is where I think Altcoins will start to accelerate, as confidence comes back into the markets.”
QCP Capital, in a market update to Telegram subscribers, anticipated Bitcoin returning to new all-time highs.
“We expect bullish momentum here that could take us back to the highs of 74k,” they stated, noting factors like significant sovereign and institutional adoption, easing inflation, and upcoming U.S. elections aligning for a breakout.
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