In a recent twist, the cryptocurrency market took a tumble, witnessing a notable decline in the global crypto market cap. This dip coincided with insights from the Bitcoin Liquidation Heatmap, hinting at a looming $2.7 billion Bitcoin short liquidation once BTC hits the critical threshold of $67,000. As of today, Bitcoin (BTC) is priced at $61,917.75, with a 24-hour trading volume of $21.6 billion, marking a -1.62% decline in the past 24 hours.

Delving into Bitcoin's price trends and the impending liquidation threat, despite the specter of a substantial short liquidation hanging over BTC at $67,000, the coin has been oscillating within a broad descending channel pattern, marked by lower highs and lows. While some view this as a potential bear market reversal, the overall sentiment remains less pessimistic. The $60K support level has proven resilient, suggesting an inclination towards testing the upper boundary of the channel.

However, overcoming the $63,000 hurdle poses the next obstacle for a potential rally towards the all-time high. Conversely, breaching $60.5K could trigger a descent towards the $52,000 – $55,000 support zone, possibly leading to a market downturn.

The Relative Strength Index (RSI) has crossed the 50% mark, indicating a resurgence of bullish momentum. Consequently, a breakthrough above $63,500 could pave the way for a rally towards and beyond the channel's midline, setting the stage for new record highs.

The fluctuating Coinbase premium gap, especially its downward trajectory, underscores significant selling pressure from US investors, including institutions, which may hinder bullish momentum.

Looking ahead, Bitcoin has seen three consecutive green candles following a red candle on May 10, stabilizing the uptrend with a 2.1% increase to $62,634. However, a return to a more secure position awaits until support at the 20-day and 50-day Exponential Moving Averages (EMAs) is regained. Despite a somewhat bullish stance from the Moving Average Convergence Divergence (MACD) indicator, concerns persist regarding potential sell-side pressure.

Traders should tread cautiously, especially amid ongoing macroeconomic developments. A drop below $60,000 remains plausible, with potential corrections extending to $56,500 or even $50,000. Conversely, positive Consumer Price Index (CPI) data could spark investor optimism, propelling Bitcoin towards $70,000. Key milestones, including surpassing resistance levels at $65,000 and $67,500, are likely to trigger FOMO-driven market movements.