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Bitcoin reached $66,000 on May 16 after US macro data led to an increase in risky assets. Data from TradingView tracked Bitcoin price action as bulls aimed for a 7.5% gain compared to the previous day. These movements followed the Consumer Price Index (CPI) for April slightly exceeding expectations, fueling predictions of easier financial conditions for crypto and risk assets.
What Awaits Bitcoin?
Some sudden reactions raised doubts; market observers pointed to rapidly increasing open positions as one of several signs that Bitcoin’s price action might be unsustainable. Popular trader Credible Crypto described the post-CPI conditions as a situation we don’t want to see Bitcoin’s price in an uptrend.
In his latest analysis on X, the analyst noted the potential support for the BTC/USD pair if it reverses:
“The 62,000 to 63,000 region is important; we must hold there if we want to avoid the 59,000 to 60,000 region. If we lose this, we will directly return to the 59,000 to 60,000 dollar level. We are preparing for both scenarios as we are unsure which one to take.”
Another investor, Daan Crypto Trades, pointed out that liquidity demanded above the spot price was strengthening and stated:
“Some large orders have been placed above the price. Most are between 66,000 and 67,000 dollars, corresponding to a total of over 400 million dollars in orders. If the price starts to affect these, it often results in most of the orders being filled quickly.”
Meanwhile, the latest data from the CoinGlass data analysis platform showed that the majority of potential short liquidations in the futures market were clustered at 67,000 dollars at the time of writing.
Famous Names Comment on Bitcoin
Adopting a more optimistic position, experienced trader Peter Brandt doubled down on his prediction that Bitcoin would continue its long-term uptrend and shared the following on X:
“I have shown this chart many times in the past with slightly different iterations, and this remains my preferred interpretation.”
Michael van de Poppe, founder and CEO of the trading firm MNTrading, predicted a calm upward period for Bitcoin, potentially outperforming altcoins, and stated:
“Clearly, Bitcoin held its range strongly at the 60,500 dollar level. An upward breakout occurred, making a calm upward period inevitable. I think this period will see altcoins start to accelerate as confidence returns to the markets.”
