Bitcoin futures and options indicators remain stable even after BTC price swiftly rejected off the $63,500 level.
Bitcoin (BTC) dropped 3.3% on May 14, retesting the $61,000 support level, which was quickly defended. More importantly, this correction marked the second failed attempt within a week to surpass $63,500. Despite the less-than-optimal price action, Bitcoin bulls remain confident, as shown by BTC derivatives metrics.
Although the current Bitcoin price trend appears bearish, some analysts believe it still has a good chance to revisit prices above $70,000.
Trader and analyst Cryptotoad was impressed by how long the $60,500 support level has held. However, he asserts that a higher high, likely a daily close above $67,000, is needed to break the current bearish pattern. While this analysis does not rule out a potential price recovery, it clearly indicates that the trend points to prices below $57,000 in May.
