As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of market volatility. The recent surge in Bitcoin (BTC) price to around $66,000 following the release of strong U.S. macro data was a welcome sight for many of us in the community. However, I remain cautiously optimistic about this latest move and its sustainability.
Bitcoin (BTC) circled $66,000 on May 16 after United States macro data sparked a risk-asset surge.
BTC price jump yield mixed reactions
The data from CryptoMoon Markets Pro and TradingView mirrored the movements of Bitcoin’s price as buyers aimed to secure a 7.5% increase from the previous day.
As a crypto investor, I was pleased to see that the April Consumer Price Index (CPI) reading came in slightly above expectations. This unexpectedly tame inflation figure has increased optimism among market participants, fueling my own bets that easier financial conditions may lie ahead for crypto and other risk assets.
As an analyst, I’ve noticed some instant responses raising eyebrows, with market commentators highlighting the swift surge in open interest as one of several indicators suggesting Bitcoin’s advance could be short-lived.
As a crypto investor, I can tell you that the post-CPI conditions described by popular trader Credible Crypto as “what we don’t want to see” for Bitcoin price isn’t something we look forward to. In simpler terms, these market conditions are unfavorable and potentially detrimental to the value of our Bitcoin investments.
As a crypto investor, I believe the areas around $62,000 to $63,000 are crucial for Bitcoin’s price action. If we want to avoid slipping back into the $59,000 to $60,000 range, it would be prudent to hold our positions during this time. In my latest analysis on X (previously known as Twitter), I emphasized this potential support level for Bitcoin should a reversal occur.
“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.”
Fellow trader Daan Crypto Trades flagged strengthening ask liquidity above spot price.
He pointed out on May 15 that a large number of orders exceeding the set price were placed, with most falling within the range of $66,000 to $67,000. The aggregate value of these orders surpasses $400 million.
“If price starts eating into these, it often ends up with a quick fill of most of orders.”
At present, according to the most recent information from the monitoring tool CoinGlass, a significant number of possible short sellers are concentrated around the price level of $67,000 for Bitcoin.
Trading firm sees BTC price returning to all-time highs
With a positive outlook, experienced trader Peter Brandt strongly believes that Bitcoin’s price will continue to rise in the future.
He shared this chart with X audience multiple times before, and his favorite way of understanding its meaning hasn’t changed.
Michaeln van de Poppe, the founder and CEO of MNTrading, anticipates a serene uptrend for Bitcoin. Altcoins, according to his prediction, could even surpass Bitcoin’s gains.
As a researcher studying Bitcoin’s price movements, I’ve noticed that the cryptocurrency has shown strong resistance to dips below the $60,500 mark. Once it broke past this level, however, I believe we can expect a relatively stable and upward trend in its price.
“This period is where I think Altcoins will start to accelerate, as confidence comes back into the markets.”
As a crypto investor, I’m excited to share that according to the recent market update from QCP Capital sent out via their Telegram channel, they’re anticipating a return to fresh new highs for Bitcoin.
“Anticipation is high for a bullish surge that may bring us close to the previous peak at $74,000. The conditions seem favorable with increasing acceptance from governments and institutions, decreasing inflation pressures, and approaching US elections.”
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2024-05-16 10:39