Bitcoin had its best May since 2019 despite a ‘savior’ 3% BTC price drop.
Bitcoin (BTC) traded at $67,500 heading into June 1 as last-minute BTC price volatility charged a final blow at key resistance.
Bitcoin can maintain 11% monthly profit.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD flat on the monthly close after recovering from weekly lows.
In addition to the “predatory” activity of these traders as the monthly close approaches, the threat of hacking of a cryptocurrency exchange in Japan is also a concern.
US macroeconomic data in the form of the Personal Consumer Expenditure (PCE) index beat expectations but failed to lift sentiment significantly, indicating that inflation is slowing.
“The price moved from the pre-PCE price action to the event itself resolving,” popular trader Skew wrote in an X (formerly Twitter) update at the time.
“It's important to see market flows from here, especially spot flows – spot auctions + need for high demand. The bottom can see some fomo fences leading to the trap.
In the event, Bitcoin reversed around $66,650, the latest delivery, putting May's monthly gain at 11 percent.
“Bitcoin is consolidating nicely here,” said Michael Van de Pop, founder and CEO of MNTrading.
The markets are in equilibrium and will gradually wake up to more momentum. $66,000 in prime location.
“Killer Whale Games” shape the price of BTC
Taking a closer look at BTC's recent price behavior, trading inputs' material indicators hold the Bitcoin whales firmly accountable for volatility.
Related: Bitcoin ‘Diamond Hands' Cut $73.8K in Sales by 50% – Study
He said a large amount of traders had gambled with money in the monthly close, which he said failed to reverse $69,000 to support. Earlier, Material Indicators founder Keith Allan said it would be “fantastic” to do so in time for the end of May.
“A killer whale dropped a brick of Bitcoin, asking for liquidity in the market and hitting a wick of over $69k. Right now, the support at $67k is being used up, and we have yet to see any new funding coming in above $65k,” explained an article on X.
“The Great Shaking Continues.”
The accompanying chart shows the liquidity levels for the BTC/USDT pair on the largest international exchange Binance with the volumes of different groups of whales.
Alan describes the moves as “killer whale games in action.”
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