Bitcoin analyst predicts it will take ‘a few more weeks’ for BTC price to surpass $70,000.
Bitcoin (BTC) remained near key BTC price levels until the week’s close on May 26th, with weekend trading concentrated near $69,000.
BTC price liquidity thickens towards weekly close.
Data from Cointelegraph Markets Pro and TradingView showed a strong performance for BTC/USD, which briefly surpassed $69,500 before consolidation.
Nonetheless, the weekend gains predicted by some market observers were capped by familiar resistance zones.
“There is some liquidity building on both sides as the price hovers around $69,000,” popular trader Daan Crypto Trades wrote in part of a recent analysis of X (formerly Twitter).
“The most notable ones are $68.3K and $69.8K. “This is a good level to watch in the short term next week.”
The attached chart shows the concentration of liquidity for the BTC/USDT perpetual swap pair on Binance, the largest global exchange.
However, there has been increased liquidity around the spot price across the BTC order book, lowering volatility but increasing the likelihood of liquidity raids later on.
Continuing, Keith Alan, co-founder of trading resource Material Indicators, stressed the importance of flipping $69,000 for support.
“Bitcoin lost another $69,000. This is our strongest and most important resistance level on the charts,” his latest X post reads in part.
“I would like to see a weekly close above $69,000 to gain confidence in a measured move towards $73,000.”
Alan acknowledged that U.S. markets will be closed on May 27 due to the Memorial Day holiday.
Bitcoin could consolidate for “a few more weeks.”
Meanwhile, regarding resistance, popular trader and analyst Rekt Capital noted the area above $71,000.
Related: Bitcoin RSI copies 2017 bull market as traders say $75,000 key for BTC price
He updated X subscribers on BTC price action following the block subsidy halving in April, confirming that the market has moved out of the “danger zone” that tends to accompany such events.
Still, the bull is not out of the woods yet.
“Bitcoin has risen to $71,500 since the ‘danger zone’ ended following the Bitcoin halving. However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and where Bitcoin is rejected,” Rekt Capital explained.
“Consolidation continues and records show it will likely continue for several more weeks in the $60,000 to $70,000 range.”
If that happens, May’s monthly close could still end in the red, consistent with the previous three years, according to data from monitoring resource CoinGlass.
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.
