Bitcoin loses key resistance as BTC price falls below $68k.
Bitcoin (BTC) saw four-day lows on Wall Street on May 28 after the holiday BTC price action defied the bulls.
Bitcoin at Mt. Gox fund movements.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering below $68,000 to hit a weekly high.
The trip to $ 70,600 on the United States Memorial Day holiday was without institutional participation, such as on the spot Bitcoin exchange-traded funds (ETFs).
Although it started to move quickly, Bitcoin's recent rally did not last long before the market reversed all the gains.
The volatility comes from the discontinued exchange Mt. Gox is among a new movement of BTC worth $7 billion from wallets connected to it.
“And as expected there's a complete reversal of that recent pump,” wrote prominent trader Credible Crypto in an ongoing comment on X (formerly Twitter).
Let's see what kind of reaction we get here on the low end.
Recent data from wealth tracker CoinGlass has highlighted the amount of liquidity around the spot price, with the spot around $67,000 now being the point of interest below.
Reacting to the movements of the last 24 hours, partner trader Daan CryptoTrades showed a positive effect on the market structure – the elimination of leverage.
“All positions entered during yesterday's activity have been disposed of and the currency has returned to neutral,” said X alongside the private interest data chart.
“ETH is still a bit strong but we will continue to see this lower timeframe as long as BTC stays in the larger range.”
BTC's price performance continues to break through key resistance and turn into support.
Bullish BTC price views failed
According to Cointelegraph, the biggest challenge is the 2021 all-time high of $69,000 and the subsequent trip to $73,800 this year.
Related: Price Analysis 5/27: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Highlighting, popular trader Jelle has only shown a consolidating structure on monthly timeframes since March, although there has been no upward movement.
In a separate post, he looked at a wider BTC price range since mid-2017 – when BTC/USD hit a historic high of $20,000 two cycles ago.
“Bitcoin has spent the last 6.5 years in this rising channel, and I don't expect that to change anytime soon,” he confirmed.
“If history is any indication, it's time for another trip up the Channel. 6-figure bitcoin is coming.
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.
