Data from Cointelegraph Markets Pro and TradingView showcased a strong performance for BTC/USD, which briefly surpassed $69,500 before entering a consolidation phase. This movement was anticipated by some market analysts, but the weekend’s upward momentum remained confined by well-known resistance zones.
Popular trader Daan Crypto Trades highlighted in his latest analysis on X (formerly Twitter) that as Bitcoin’s price ranges around the $69,000 mark, liquidity is building up on both sides. He pinpointed $68,300 and $69,800 as critical levels to watch in the short term, suggesting these could be pivotal for future price movements.
An accompanying chart indicated that liquidity concentrations for the BTC/USDT perpetual swaps pair on Binance were increasing around the spot price. This accumulation typically results in lower volatility but raises the probability of a liquidity raid later.
Keith Alan, co-founder of Material Indicators, emphasized the importance of Bitcoin flipping $69,000 into a support level. Alan stated in his latest X post, “Bitcoin lost $69k again. It’s our strongest and most important resistance level on the chart.” He wanted to see a weekly close above $69,000 to gain confidence in a potential move to $73,000.
Alan also noted the impact of the Memorial Day holiday in the United States on market activities, suggesting that this could influence trading volumes and volatility.
Rekt Capital, a prominent trader and analyst, provided insights on Bitcoin’s price action after the April block subsidy halving. He confirmed that the market had exited the “danger zone” typically associated with such events. However, he cautioned that bulls still need to be in the clear.
Rekt Capital explained that after the post-halving “danger zone” ended, Bitcoin broke out to $71,500. However, this level represents the Range High resistance of the Macro Re-Accumulation Range, from which Bitcoin experienced a rejection.
Bitcoin’s recent performance has been marked by a brief surge past $69,500, followed by a consolidation phase. Analysts have identified crucial levels at $68,300, $69,000, and $69,800, with significant resistance at $71,500. The importance of flipping $69,000 into support is widely acknowledged as it could pave the way for a measured move towards $73,000.
Market participants remain cautious, recognizing that while the immediate post-halving danger has passed, significant resistance levels must be overcome for a sustained bullish trend. The Memorial Day holiday in the U.S. could also impact trading dynamics in the short term.
