#BTC盘整
Bitcoin may not yet have completed consolidation below all-time highs, BTC price rejects $70,000
Bitcoin (BTC) price is hovering around the key BTC price level as trading concentrated around $69,000 over the weekend of May 26.
BTC price liquidity thickens at weekly close
Data from Cointelegraph Markets Pro and TradingView show that BTC/USD performed strongly, breaking through $69,500 at one point before entering a consolidation phase.
Although some market watchers predict a rally over the weekend, it remains capped by familiar resistance areas.
“As the price fluctuates around $69,000, some liquidity is accumulating on both sides,” Daan Crypto Trades, a well-known trader, wrote in a recent analysis on X (formerly Twitter).
"Most notable: $683K and $698K. Good levels to watch in the short term before next week."
The accompanying chart shows the liquidity concentration of the BTC/USDT perpetual swap pair on Binance, the world’s largest exchange.
However, in the BTC order book, liquidity increases around the spot price, resulting in lower volatility but increasing the likelihood of a late liquidity raid.
Keith Alan, co-founder of trading resource Material Indicators, went on to highlight the importance of $69,000 turning into support.
"Bitcoin is down again at $69k. This is the strongest and most important resistance level on our chart," he said in his latest X post.
A close above $69,000 is needed to give some confidence that a steady move to $73,000 is in the cards.”
Meanwhile, on the topic of resistance levels, popular trader and analyst Rekt Capital is focusing on the area above $71,000.
He updated X subscribers on BTC price action following April’s block subsidy halving, confirming that the market has exited the “danger zone” that often accompanies such events.
Despite this, bulls are not out of the woods yet.
“Since the end of the Bitcoin post-halving ‘danger zone’, Bitcoin has surpassed $71,500. However, ~$71,500 is the range high resistance level of the macro re-accumulation range and the starting point for Bitcoin’s decline,” Rekt Capital explained.
“Consolidation continues and history suggests it will continue for several more weeks with prices between $60,000 and $70,000.”
If that happens, May could still end the month in the red, in line with the previous three years, according to monitoring resource CoinGlass.
