Bitcoin has been maintaining a position around $67,000, with month-to-date gains exceeding 10% as of May 19. However, some traders are warning that a significant price drop could be imminent.
Bitcoin Resistance Levels at $70,000
Data from TradingView show that Bitcoin bulls are holding their ground as the week comes to a close. Popular trader Daan Crypto Trades highlighted that $72,000 now represents the largest resistance zone for Bitcoin. “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,” he posted on X, referencing a chart from CoinGlass.
BTC/USD 4-hour chart. Source: TradingView
Daan Crypto Trades noted that most liquidity below the current price had been cleared by the recent downtrend, with the next significant level around the $60,000 region. He also pointed out the importance of Bitcoin’s 100-day moving average (MA) as a long-term support level, suggesting it would be a good indicator for gauging mid- to high-timeframe momentum.
Optimism for a Bull Market Continuation
Popular trader and analyst Rekt Capital offered a more hopeful outlook, suggesting that a 1% price increase could signal a new chapter in the bull market. He explained-
“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,”
Predictions of a 10% Price Drop
Conversely, trader and commentator Credible Crypto provided a more conservative view, suggesting that the current upside might be complete and that Bitcoin could retest the $60,000 level or lower. In a post on X, he warned, “At this point, I think we will, at minimum, tag the 59-60k region,” alongside a chart.
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades
Credible Crypto also mentioned that the $62-63k zone might offer temporary relief but ultimately could give way. He added that altcoins could face more significant losses if Bitcoin drops to these levels, stating, “A move down to 59-60k on $BTC is a 10% drop—on many alts their respective drops will be much more.”
As Bitcoin approaches critical resistance levels, the market remains divided on whether the recent gains will continue or if a notable correction is on the horizon.
