Bitcoin (BTC) remained near key Bitcoin price levels through the weekly close on May 26, with weekend trading focused around $69,000.
BTC Price Liquidity Increases Until Weekly Close
Data from Cointelegraph Markets Pro and TradingView showed strong performance for BTC/USD, which briefly topped $69,500 before consolidation.
However, the weekend’s uptrend, expected by some market observers, remained limited to familiar resistance areas.
“As the price hovers around $69,000, liquidity is accumulating on both sides,” popular trader Daan Crypto Trades wrote in part of his recent analysis on X (formerly Twitter).
“The most notable are: $68.3 thousand and $69.8 thousand. Good levels to watch in the short term starting next week.
The attached chart shows liquidity concentrations for the BTC/USDT perpetual swap pair on the world’s largest exchange Binance.
However, in Bitcoin order books, liquidity built up close to the spot price, which reduced volatility but increased the risks of a liquidity attack later.
Continuing, Keith Allan, co-founder of Trading Resource Material Indicators, highlighted the importance of shelling out $69,000 in support.
“Bitcoin lost another $69,000. “This is the strongest and most important resistance level we have on the chart,” he said in part of his recent article on X.
“I would like to see a weekly close above $69,000 to have some confidence in a measured move towards $73,000.”
Alan admitted that US markets will be closed on May 27 for the Memorial Day holiday.
Bitcoin could be consolidated “for several more weeks”
Meanwhile, on the theme of resistance, popular trader and analyst Rekt Capital highlighted the ground above $71,000.
Related: Bitcoin RSI Copies 2017 Uptrend as Trader Says BTC Price Key is $75,000
When briefing X subscribers on BTC price developments after the block’s support halving in April, he emphasized that the market had moved out of the “danger zone” that tends to accompany such events .
But the bulls have not yet come out of the forest.
“Since the end of the post-Bitcoin halving “danger zone,” Bitcoin has risen to $71,500. However, around $71,500 is the high resistance band of the overall reaccumulation range, and this is where Bitcoin rejected,” Rekt Capital explained.
“The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”
If that happens, the May monthly close could close in the red, like the previous three years, according to data from monitoring resource CoinGlass.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.
