As weekend trade concentrated around $69,000, the Bitcoin BTC tickers down $69,124 remained close to important BTC price levels until the weekly close on May 26.A data revealed that the Bitcoin/USD pair performed strongly, temporarily surpassing $69,500 before leveling out. The weekend’s gains, as some market watchers had anticipated, were nevertheless restrained by well-known resistance levels. Popular trader Daan Crypto Trades stated in part of his most recent research on X (previously Twitter) that “there’s some liquidity building up on both sides as price is ranging around ~$69K.” Above all: $68.3K and $69.8K. Good levels to keep an eye on for the upcoming week.
However, liquidity was building up around spot price across all BTC order books, which reduced volatility but increased the likelihood of a liquidity raid in the future. Keith Alan, the co-founder of the trading resource Material Indicators, went on to emphasize the significance of converting $69,000 into support. Once more, Bitcoin lost $69k. According to a section of his most recent X post, “It’s our strongest and most significant resistance level on the chart.” “To acquire some confidence in a measured move to $73k, I’d like to see a weekly close above $69k.”
Alan admitted that May 27th, Memorial Day, would see the closure of US markets.There could be “several more weeks” of consolidation in bitcoin.Meanwhile, well-known trader and analyst Rekt Capital focused on ground above $71,000 when discussing resistance. He informed X subscribers on the price movement of Bitcoin following the half of the April block subsidy and verified that the market had left the “danger zone” that usually accompanies such events. Bulls are still in the woods despite this. “Since the closure of the Bitcoin Post-Halving ‘Danger Zone,’ Bitcoin has surged above $71,500. Rekt Capital clarified that Bitcoin was rejected from the Macro Re-Accumulation Range at a range high resistance of around $71,500. “The consolidation is still going strong, and past performance indicates that it will last for a few more weeks between $60000 and $70000.” According to data from the monitoring resource, if that were to occur, the May monthly closure may still close red, falling in line with the preceding three years.