Bitcoin's (CRYPTO:BTC) price surged to around $66,000 on May 16, driven by optimistic U.S. macroeconomic data, but the rapid ascent sparked mixed reactions among market observers.

While some traders foresee Bitcoin reaching $74,000 next, others remain cautious, pointing to signs of potential unsustainability in the current price action.

Notably, there's a focus on key support levels around $62,000-$63,000, with traders preparing for both bullish and bearish scenarios.

Additionally, substantial buy orders above the current price indicate strong demand, while data suggests potential short liquidations clustering around $67,000.

Despite the uncertainty, trading firms like QCP Capital anticipate Bitcoin returning to new all-time highs, citing factors such as institutional adoption and inflation concerns.