Bitcoin hit $66,000 on May 16 after U.S. macro data sparked a surge in risk assets.
BTC price rise returns mixed reactions
Data from Cointelegraph Markets Pro and TradingView followed the BTC price action as bulls attempted to take gains of 7.5% from the previous day.
This comes as the Consumer Price Index (CPI) in April significantly exceeded expectations, sparking predictions that financial conditions for cryptocurrency and risky assets will ease.
Some immediate reactions were skeptical, with market observers pointing to the rapidly increasing open interest as one of several signs that Bitcoin’s movement may be unsustainable.
Popular Trader Credible Crypto explanation Post-CPI conditions “don’t want to see a rise” in the price of Bitcoin (BTC).
“The 62-63k area is key. You have to stay there to avoid 59-60k.” He continued his latest analysis on X, considering possible support if BTC/USD reverses.
“If we lose that we’re right back at 59-60k. “You have to be prepared for both scenarios because you can’t be sure which one is going to happen.”
Fellow trader Daan Crypto Trades indicated liquidity strengthening over spot prices.
“Some large orders were placed above price. Most are priced between $66,000 and $67,000, bringing the total order value to more than $400 million,” he said. famous May 15th.
“Once prices start to erode that, most orders often get filled quickly.”
Meanwhile, the latest data from monitoring resource CoinGlass shows most of the potential short-term liquidations clustered around $67,000 at the time of writing.
Trading firms are seeing the BTC price recover to all-time highs.
Veteran trader Peter Brandt takes a more optimistic stance. Doubling down on Bitcoin, which continues to rise over the long term.
Related: Pre-halving All-Time High, Bitcoiner Predicts $95K BTC Price.
“I’ve shown this chart several times in the past in slightly different iterations, and it remains my preferred interpretation,” he told his X followers.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, has seen a “calm up period” for Bitcoin, with altcoins potentially performing better.
“Obviously Bitcoin remained in a very low range at $60.5K. “An upward breakout has occurred, and through this, a period of calm upward growth seems inevitable,” he concluded.
“I think this is the time when altcoins will start to accelerate as trust returns to the market.”
In the latest market update sent to subscribers of its Telegram channel, trading firm QCP Capital reported that Bitcoin has hit a new all-time high.
“We expect bullish momentum from here that could take us back to the highs of 74,000,” it said. “The stars appear to be on board with this breakout, with important sovereign and institutional adoptions, moderating inflation and the upcoming US election. “he added.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.