Bitcoin hovered around $67,000 on May 19, with spot price liquidity strengthening as the week came to a close.
Data from Cointelegraph Markets Pro and TradingView indicated that bulls maintained the week’s upward trend, pushing month-to-date gains above 10%.
Popular trader Daan Crypto Trades identified $72,000 as the significant 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 shared on X, along with a CoinGlass chart.
He noted, “Below, most has been cleared with the recent downtrend, first noteworthy level would be the ~$60K region.”
Closer to the spot price, liquidity was concentrated around $66,500 and $67,800.
Daan Crypto Trades also emphasized 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 gauge mid/high timeframe momentum,” he commented.
“Trader and analyst Rekt Capital offered an optimistic perspective, suggesting that only a 1% BTC price increase was needed to usher in a new bull market phase. “
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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 analyzing daily timeframes.
In contrast, trader and commentator Credible Crypto offered a more cautious view on recent BTC price action.
An X post on May 17 suggested that the upside was nearly exhausted and that BTC/USD might retest $60,000 or lower.
“At this point, I think we will, at minimum, tag the 59-60k region,” he warned, sharing a chart.
“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.”
Credible Crypto further noted that altcoins would likely experience sharper declines if Bitcoin dropped to the $59-60k range.
“A move down to 59-60k on $BTC is a 10% drop- on many alts their respective drops will be much more,” he concluded.
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