Bitcoin Analyst Sees ‘Several More Weeks’ Before BTC Price Breaks $70K
Bitcoin (BTC) remained flat at the weekly close of May 26 at key BTC price levels as weekend trading focused on $69,000.
BTC price liquidity increases to weekly close
Data from Cointelegraph Markets Pro and TradingView showed strong performance in BTC/USD, which briefly crossed $69,500 before consolidating.
Some market watchers had predicted a higher weekend, however, and it remained protected by known resistance zones.
“As the price approaches ~$69K, there is some liquidity on both sides,” wrote prominent trader Daan CryptoTrades in his latest analysis on X (formerly Twitter).
Specifically: $68.3k and $69.8k are good levels to see in the short term next week.
The accompanying chart shows the liquidity for BTC/USDT on the largest global exchange, Binance.
In BTC's order books, however, liquidity was increasing across the board, leading to lower volatility but increasing the likelihood of a subsequent liquidity squeeze.
Next, Keith Allan, founder of Marketing Resources Material Indicators, emphasized the importance of flipping $69,000 to support.
“Bitcoin lost $69k again. It's our strongest and most important level of defense on the chart,” said part of X's latest post.
“I would like to see a weekly close above $69k to gain confidence in the move towards $73k.”
Allen acknowledged that US markets will be closed on May 27 for the Memorial Day holiday.
Bitcoin may consolidate for “several more weeks”.
On the topic of resistance, meanwhile, a well-known trader and analyst Rect Capital paid attention to the land of more than 71,000 dollars.
Related: Bitcoin RSI Copies 2017 Bull Run Says $75K Key For BTC Price As Trader Says
Updating X subscribers on BTC's price action after the April ban subsidy halving, confirmed that the market has exited the “danger zone” associated with such events.
However, the bulls are not out of the woods yet.
“As Bitcoin Post-Halving ‘Danger Zone' Ends, Bitcoin Rises to $71500 However, the ~$71500 macro retracement range is the point of greatest resistance and rejection of Bitcoin,” Rekt Capital said.
“Consolidation continues and history suggests it will continue between $60,000 and $70,000 for several weeks.”
If that's the case, May's close could close in the red, in line with the past three years, according to data monitored by CoinGlass.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
