Bitcoin analyst sees ‘several more weeks’ before BTC price breaks $70K
Related articles
Bitcoin
BTC
$68,972 stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.
BTC/USD 1-hour chart. Source: TradingView
BTC price liquidity thickens into weekly close
Data from and TradingView showed strong performance by BTC/USD, which briefly passed $69,500 before consolidating.
Weekend upside, which some market observers predicted, nonetheless remained capped by familiar resistance zones.
“As price is ranging around ~$69K, there’s some liquidity building up on both sides,” popular trader Daan Crypto Trades wrote in part of his latest analysis on X (formerly Twitter).
“Most notably: $68.3K & $69.8K. Good levels to watch in the short term going iinto next week.”
BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
An accompanying chart showed liquidity concentrations for the BTC/USDT perpetual swaps pair on largest global exchange Binance.
Across BTC order books, however, liquidity was increasing around spot price, leading to lower volatility but upping the odds of a liquidity raid later.
Continuing, Keith Alan, co-founder of trading resource Material Indicators, stressed the importance of flipping $69,000 to support.
“Bitcoin lost $69k again. It’s our strongest and most important resistance level on the chart,” part of his latest X post stated.
“I’d like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”
BTC/USD 1-week chart. Source: Keith Alan/X
Alan acknowledged that United States markets would be closed on May 27 for the Memorial Day holiday.
Bitcoin may consolidate for “several more weeks”
On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital cast the spotlight on ground above $71,000.
Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had exited the “danger zone” which tends to accompany such events.
Despite this, bulls are not out of the woods yet.
“Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin broke out to $71500. However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from,” Rekt Capital explained.
“The consolidation continues and history suggest it will continue for several more weeks between $60000 and $70000.”
BTC/USD comparison. Source: Rekt Capital/X
Were that to happen, the May monthly close could still close red, falling in line with the previous three years, per data from monitoring resource CoinGlass.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Risk Disclaimer:
Although Sponsored Trading can be profitable, it is associated with a significant risk of losing your investment. The risks will increase when trading on margin companies. Traders must exercise due diligence and be careful when making their trading decisions. It is the sole responsibility of the Trader to learn and acquire the knowledge and experience required to use the Trading Platform and anything that will be required to trade properly.
