Bitcoin Holds at $67K, Analysts Warn of Potential 10% Drop
Bitcoin’s value hovered around $67,000 on May 19 as liquidity at the current spot price began to solidify, paving the way for the weekly closure. The data from Markets Pro and TradingView saw Bitcoin maintaining its upward trajectory for the week, with month-to-date gains exceeding 10%.
Evaluating obstacles that need overcoming, renowned trader Daan Crypto Trades identified $72,000 as the primary resistance zone at present. “The price managed to surmount a significant cluster around $67,400, yet substantial levels remain near $68,000. Most of the liquidity now lies from ~$72K onwards,” he commented, complementing his analysis with a monitoring chart from CoinGlass. He pointed out that below the current levels, the preceding downtrend has cleared most obstacles, with the first significant level hovering around the $60,000 mark.
Closer to the spot price, liquidity appeared concentrated around the $66,500 and $67,800 regions at the time of reporting. Daan Crypto Trades also mentioned the importance of Bitcoin’s 100-day moving average (MA) as a critical long-term support indicator. “Going forward, this will serve as an essential measure to gauge momentum over mid to long-term timeframes,” he added.
Supporting this optimistic outlook, popular trader and analyst Rekt Capital noted that even a modest 1% increase in Bitcoin’s price could mark the commencement of a new bull market phase. “Bitcoin only needs a slight decline of an additional 1% to achieve a post Bull Flag breakout retest, potentially securing the necessary momentum for an upward trend,” he observed, taking into account daily timeframes.
Not all were optimistic about Bitcoin’s recent price movements. Among those holding a more conservative view was experienced trader and commentator Credible Crypto. On May 17, he suggested that the upward trend was nearing its peak and that BTC/USD might return to the $60,000 area or even lower. “I believe we will, at the very least, test the 59-60k region,” he cautioned, sharing his insights along with a detailed chart.
Credible Crypto pointed to a potential temporary relief zone at $62,000 to $63,000, but He anticipated that this would not hold. He even suggested more severe repercussions for altcoins if the speculated decline materialized. “A 10% drop in Bitcoin to the 59-60k range would result in even more significant drops for many altcoins,” he concluded.
Thus, as Bitcoin approached the close of a prosperous week, opinions varied widely on its next course. While some experts predicted further gains and the possibility of entering a new bull market phase, others warned of an impending dip that could see Bitcoin retesting lower support levels.
For traders and investors, upcoming movements in Bitcoin’s price remain of keen interest. The divergence in views highlights the inherent uncertainty in cryptocurrency markets, keeping participants on alert for both opportunities and risks. As liquidity around key levels strengthens, close monitoring of support and resistance zones will be crucial for navigating the next phases in Bitcoin’s price journey.
37 thoughts on “Bitcoin Holds at $67K, Analysts Warn of Potential 10% Drop”
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Such a balanced view on Bitcoin. Optimism mixed with caution keeps everyone on their toes.
Credible Crypto makes a good point. These gains won’t last, and we should brace for a drop to $60,000 or lower. 📉
Interesting take from Credible Crypto. The mixed opinions ensure we’re all staying cautious. Much needed insights!
People need to stop with the wild predictions. BTC is unpredictable, and these ‘expert’ comments don’t help anyone.
Keeping an eye on that 1% uptick post Bull Flag breakout. Intriguing times ahead for Bitcoin!
Bitcoins value hovering around $67,000 isn’t impressive. Seems like we’re just setting up for another bear market.
Could $72K be around the corner? Thanks for the optimistic outlook, Daan Crypto Trades!
Grateful for such thorough market insights. This is crucial knowledge for anyone with skin in the game. 🙏🚀
Only 1% away from a potential bull market, as noted by Rekt Capital! Excitement levels peaking!
Supporting the bull market theory here! Rekt Capital’s outlook is just what we need in these exciting times.
Solid technical insights here! Big thanks to all the analysts like Daan Crypto Trades and Rekt Capital. Looking forward to hitting $72k! 💪🚀
A small 1% move marking the beginning of a bull market? I’m all in for this! Thanks, Rekt Capital, for the positive outlook!
A very informative read. The weekly performance and cautious optimism are perfectly balanced. Let’s see where BTC heads next!
🎉 Bitcoin at $67K+ is thrilling! Thanks to all the analysts for breaking down what’s coming next. 🚀
It’s clear Bitcoin is near a peak, and everyone hyping $72,000 is setting people up for disappointment.
Thanks for the detailed analysis! The concentration of liquidity around $66,500 and $67,800 regions is insightful. Go BTC!
This whole article is full of wishful thinking! Bitcoin is too risky right now, and we’re headed for a correction.
Bitcoin’s price fluctuations are always a hot topic. Lets see how many of these predictions age well in the coming days.
Such a comprehensive breakdown of the market trends. Thanks to all the experts weighing in – its vital info for investors!
Look at Bitcoin go! The analysis around liquidation levels is impressive. Big thanks to Daan Crypto Trades! 🚀✨
The market is already over-bloated. We need to expect a significant correction rather than keep our hopes high.
Fascinating to dissect these liquidity levels and resistance points. Thanks, Daan Crypto Trades!
What a week for Bitcoin! The breakdown of liquidities and resistance zones is gold for traders. Onwards and upwards!
Love the optimism from Rekt Capital. Even a modest increase triggering a new bull phase is exciting! Let’s keep pushing, BTC!
Kudos to the experts monitoring these trends. Heres to Bitcoin crushing new milestones!
It’s fantastic to see Bitcoin’s resilience around $67K. Forward march to new highs! 🚀✨
Bitcoin’s price is stagnant. Im tired of hearing the same predictions over and over. Wheres the real progress?
Enough with the hype! 🚩 Bitcoin hovering around $67,000 is just setting us up for another crash. 📉 Can’t trust this market.
Incredible analysis! Love how Daan Crypto Trades and Rekt Capital paint an optimistic scenario for Bitcoin. Here’s to a bullish future! 🚀
Daan Crypto Trades might be optimistic, but I don’t buy it. The resistance at $72,000 is too strong, and we’re likely to dip back to $60,000 soon.
Eagerly watching the path to $72K. Daan Crypto Trades lays it all out.
Seriously? A 1% increase marking a new bull market phase? That’s too optimistic. Most likely, we’ll crash again soon. 😬
The discussion around the 100-day MA being a critical support indicator is crucial for long-term investors. Impressive analysis by Daan Crypto Trades!
Staying bullish! The strong support near the current price levels is promising. Cheers to informed investing!
The detailed mention of liquidity zones is helpful for strategizing trades. Well done, Daan Crypto Trades!
This analysis seems overly optimistic. I still think we’ll see Bitcoin revisiting $60,000 soon. Better sell before it’s too late!
I don’t see why people are getting excited. The market remains volatile, and we could easily see $60k again soon.