Bitcoin prices are flat over the past two days but down in the past week of trading. Though the coin came under immense liquidation pressure, that prices are trending above $60,000 is a net positive overall. Traders are bullish, but prices must edge higher for trend continuation, ideally closing above $66,000 in the coming days. If not, sustained losses might see BTC slip below the immediate support, which is of psychological importance, and drop to this month’s low.

As mentioned, Bitcoin prices have been moving horizontally in the past day and week. Even though prices are generally in a bullish formation, the price action of the past few weeks points to general weakness. Therefore, in the short to medium term, traders can closely monitor how prices react at $56,500 and $66,000. Currently, participation is decent but discouraging, hanging slightly above $17 billion in the past 24 hours.

The following Bitcoin news might influence price action:

• The former Twitter CEO and founder, Jack Dorsey thinks Bitcoin will more than 10X from spot rates by 2030. In a recent statement, Dorsey said BTC prices stand breaking above $1 million in six years. If the coin ends up surging, the coin is then grossly undervalued at spot rates.
• Meanwhile, some analysts think the current formation is similar to that of 2016. If that’s the case, there could be a “euphoria-like” involvement in the coming months that will push BTC to new levels, similar to events in 2017.

Bitcoin Price Analysis

BTC/USD is flat at spot rates, looking at events in the daily chart.

The coin is moving inside a narrow range, soaking in the liquidation pressure of May 10.

Since sellers have the upper hand, every high below the $63,000 to $66,000 zone could be an opportunity to liquidate with targets at May lows of $56,500.

The drop could be pick up momentum if there is a breach below $60,000.

However, if there is a welcomed upswing above $66,000, reversing the end of last week’s losses, the tide could change in favor of Bitcoin bulls aiming at $70,000 or better.