Bitcoin bulls are currently enjoying month-to-date gains of over 10%, with Bitcoin (BTC) circling around the $67,000 mark as of May 19. However, some analysts are warning that a price drop could be imminent.
Resistance Levels and Liquidity Concentrations
Data from Cointelegraph Markets Pro and TradingView indicated that BTC maintained its weekly gains as liquidity around the spot price increased toward the weekly close. Popular trader Daan Crypto Trades pointed out that $72,000 is now the largest resistance zone, with notable resistance also around $68,000. He noted that “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 at the moment.”
Closer to the current price, liquidity concentrations were focused on $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, which will be crucial for gauging mid-to-high timeframe momentum.
Potential for Bull Market Continuation
Trader and analyst Rekt Capital expressed optimism, suggesting that just a 1% increase in BTC price could mark a new chapter in the bull market. He explained that “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.”
Also Read: Morgan Stanley’s $270M Bitcoin Bet Signals Institutional Adoption
Predictions of a 10% Price Drop
Contrarily, trader and commentator Credible Crypto offered a more conservative outlook. On May 17, he suggested that the recent upside might be nearing its end and predicted that BTC/USD could drop to retest $60,000 or lower. “At this point, I think we will, at minimum, tag the 59-60k region,” he warned, adding that the $62,000-$63,000 zone could offer temporary relief but is likely to give way eventually.
Credible Crypto also noted that altcoins might experience more severe losses if Bitcoin drops to the $59,000-$60,000 range, predicting that “a move down to 59-60k on $BTC is a 10% drop – on many alts their respective drops will be much more.”
