Bitcoin Analyst: BTC Price to Break $70,000 in Weeks

Bitcoin may not yet be done consolidating below new all-time highs, with BTC price rejecting above $70,000.

Source:cryptorank.io

As the weekend trading unfolded, Bitcoin remained close to crucial price levels, with a focus on the $69,000 mark leading into the weekly close on May 26th.

Bitcoin’s Price Liquidity Deepened as the Week Drew to a Close on May 26th

Market data indicated robust performance from BTC/USD, with a brief surge above $69,500 before entering a consolidation phase. Despite weekend upside potential, as anticipated by some market observers, price movements were limited by well-known resistance zones. In the vicinity of approximately $69,000, liquidity is accumulating on both ends, noted a trader in a recent analysis shared on X. An accompanying chart depicted liquidity concentrations for the BTC/USDT perpetual swaps pair on the largest global exchange. While liquidity was observed to be increasing around the spot price across BTC order books, resulting in reduced volatility, it also raised the likelihood of a potential liquidity raid later.

Bitcoin May Undergo a Consolidation Phase for Several More Weeks

Regarding resistance levels, prominent trader and analyst Rekt Capital shed light on the territory above $71,000. Providing updates to subscribers on X regarding BTC price dynamics following the April block subsidy halving, he affirmed that the market had moved beyond the danger zone typically associated with such events. However, bullish sentiment still faces challenges. Following the conclusion of the Bitcoin Post-Halving 'Danger Zone,' Bitcoin surged to $71,500. Nevertheless, around $71,500 lies the Range High resistance of the Macro Re-Accumulation Range, and this is where Bitcoin encountered rejection. If such a scenario unfolds, the May monthly close might still end in the red, aligning with patterns observed over the past three years, according to data from monitoring resources.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.