Bitcoin analysis sees $74K next as BTC price tries to hold a 7.5% gain
Bitcoin surrounded $66,000 on May 16 after US macro data led to a surge in risk assets.
BTC price jump gives a mixed reaction
Data from Cointelegraph Markets Pro and TradingView followed BTC's price action as bulls tried to recapture the 7.5% gains from the day before.
These came after the April publication of the Consumer Price Index (CPI) beat expectations, fueling bets on easy financial conditions and riskier assets going forward.
Some immediate reactions were skeptical, with market observers pointing to rapidly increasing open demand as one of the signs that Bitcoin's move may not be sustainable.
Prominent trader Credible Crypto has described post-CPI conditions in Bitcoin (BTC) value as “we don't want to see an increase.”
“The 62-63k region is key – if we want to avoid 59-60k, we will hold there,” he continued his recent analysis on X, considering that support should probably be reversed in BTC/USD.
“We lose this and go straight back to 59-60k. We are not sure which of the two scenarios we will get to prepare for both.
Affiliate Trader Diane Crypto Trades Consolidation Ask for funds above the spot price.
Some massive orders placed above cost. “Most of them are sitting between $66k-67k, totaling more than $400m in orders,” he said on May 15.
“If price starts to eat into these, it usually fills orders pretty quickly.”
Meanwhile, the latest data from resource tracker CoinGlass shows a potential short-term liquidation cluster at $67,000.
Business will see BTC price return to highs
Embracing a more optimistic outlook, veteran trader Peter Brandt doubled down on Bitcoin, continuing his long-term pullback.
Related: Bitcoiner Predicts $95K BTC Price Called Pre-Half All-Time High
“I've shown this chart a few times in the past and it remains my preferred interpretation,” he told his X followers.
Michael van de Pop, founder and CEO of trading firm MNTrading, sees a “steady period” for Bitcoin, which altcoins may fare better.
“Clearly, Bitcoin has held a low of $60.5k. “The upswing has happened, so it looks stable and the upswing is inevitable,” he concluded.
I think this is when Altcoins will start to accelerate as confidence returns to the markets.
In a recent market update sent to Telegram channel subscribers, trading firm QCP Capital noted a return to new all-time highs for Bitcoin.
“We expect a bullish move here that could take us back to the 74k highs,” he explained, adding, “The stars appear to be lining up for this start with significant sovereign and institutional adoption, lower inflation and the upcoming US election.”
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
