Bitcoin Stalls at $69,000 Resistance: Analysts Predict Consolidation Before Further Uptrend
Bitcoin (BTC) hovered near crucial price levels as the weekend trading session wrapped up on May 26th, focusing on the psychologically significant $69,000 mark.
Weekend Price Action and Liquidity:
Data from Cointelegraph Markets Pro and TradingView revealed a strong showing for Bitcoin price. While it briefly surpassed $69,500, it quickly settled back down. Weekend gains, anticipated by some analysts, were capped by familiar resistance zones.
Popular trader Daan Crypto Trades highlighted this in his recent analysis, stating that liquidity is building up on both sides near $69,000. These levels, $68.3K and $69.8K, are crucial to watch for future price movements.
Importance of Flipping $69,000:
Analysts stressed the significance of Bitcoin decisively surpassing $69,000 and establishing it as support. Keith Alan, co-founder of Material Indicators, emphasized this point, stating that losing this level again weakens confidence in a potential move towards $73,000.
He acknowledged that US markets would be closed on May 27th due to the Memorial Day holiday, potentially impacting price movement.
Consolidation Until Further Breakout?:
Analyst Rekt Capital focused on resistance levels above $71,000. While acknowledging that Bitcoin has exited the “danger zone” typically seen after block subsidy halvings, he cautioned that further resistance lies ahead.
Rekt Capital explained that overcoming resistance at $71,500, the upper range of the macro re-accumulation period, is necessary for a significant upward trend. He predicts a consolidation period between $60,000 and $70,000 for “several more weeks.”
This extended consolidation could potentially result in the May monthly close falling below previous years, according to data from CoinGlass.
