Bitcoin analysis sees $74K next as BTC price tries to hold 7.5% gains

Cointelegraph2024/05/16 07:32

By:William Suberg

BTC price action has its doubters after swiftly jumping to new May highs, but some see Bitcoin continuing upward momentum into price discovery.

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Bitcoin ( BTC ) circled $66,000 on May 16 after United States macro data sparked a risk-asset surge.

BTC/USD 1-hour chart. Source: TradingView

BTC price jump yield mixed reactions

Data from Cointelegraph Markets Pro and TradingView followed BTC price action as bulls attempted to cement 7.5% gains from the day prior.

These had come as the April print of the Consumer Price Index (CPI) narrowly beat expectations , fueling bets of easier financial conditions for crypto and risk assets going forward.

Source: Tedtalksmacro

Some immediate reactions were suspicious, with market observers pointing to rapidly-increasing open interest as one of several signs that Bitcoin’s move might be unsustainable.

Popular trader Credible Crypto described the post-CPI conditions as what “we don’t want to see on a rise” in BTC price.

Source: Credible Crypto

“The 62-63k regions is key- if we are going to avoid 59-60k we should hold there,” he continued in his latest analysis on X (formerly Twitter), considering likely support should BTC/USD reverse.

“Lose that and we go straight back to 59-60k. Not sure which of the two scenarios we will get atm so preparing for both.”

BTC/USD chart. Source: Credible Crypto/X

Fellow trader Daan Crypto Trades flagged strengthening ask liquidity above spot price.

“Some massive orders placed above price. Most of it sitting between $66K-67K, which totals to over $400M+ in orders,” he noted on May 15.

“If price starts eating into these, it often ends up with a quick fill of most of orders.”

BTC liquidation heatmap (screenshot). Source: CoinGlass

The latest data from monitoring resource CoinGlass meanwhile showed the bulk of potential short liquidations clustering at $67,000 at the time of writing.

Trading firm sees BTC price returning to all-time highs

Adopting a more optimistic position, veteran trader Peter Brandt doubled down on Bitcoin continuing to climb in the longer term.

“I have shown this chart many times in the past in slightly different iterations and it remains my preferred interpretation,” he told X followers.

BTC/USD chart. Source: Peter Brandt/X

Michaël van de Poppe, founder and CEO of trading firm MNTrading, saw a “calm upwards period” for Bitcoin, with altcoins potentially outperforming.

“Clearly, Bitcoin has held range low strongly at $60.5K. The breakout upwards took place, through which a calm, upwards period seems inevitable,” he concluded .

“This period is where I think Altcoins will start to accelerate, as confidence comes back into the markets.”

BTC/USD chart. Source: Michaël van de Poppe/X

In the latest market update sent to Telegram channel subscribers, trading firm QCP Capital entertained a return to new all-time highs for Bitcoin.

“We expect bullish momentum here that could take us back to the highs of 74k,” it revealed, adding that the “stars seems to be aligning on this breakout with significant sovereign and institutional adoption, abating inflation and upcoming US elections.”

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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