Bitcoin Bulls Revel in 10% Month-to-Date Gains. On May 19, Bitcoin (BTC) hovered around $67,000 as liquidity around the spot price increased ahead of the weekly close.
Bitcoin can Faces New Resistance Levels Around $70,000
Trades highlighted that the $72,000 mark now represents the strongest resistance zone to overcome.
Continuing, Daan Crypto Trades emphasized the importance of Bitcoin’s 100-day moving average (MA) as a key long-term support level.
This will be a good indicator for the next 70k level. It’s a Key Indicator for Gauging Mid-to-High Timeframe Momentum Moving Forward.
Let’s see what’s happened next in Macroeconomics, also keep an eye on inflation data and dollar interest rates.
Popular trader and analyst Rekt Capital added to the optimistic outlook for Bitcoin, noting that just a 1% increase in BTC price could mark the beginning of a new bull market phase. He explain:
BTC only needs to decline an additional 1% to complete the post-Bull Flag breakout retest attempt, potentially securing its upward trend continuation.