Bitcoin (BTC) remained steady near important price levels leading up to the weekly close on May 26, with the focus of weekend trading centered around $69,000.
BTC/USD showed strong performance, briefly surpassing $69,500 before consolidating. However, the upside movement over the weekend was limited by familiar resistance zones.
Popular trader Daan Crypto Trades noted that as the price ranged around $69,000, liquidity was building up on both sides. A chart showed liquidity concentrations for the BTC/USDT perpetual swaps pair on Binance, the largest global exchange.
While liquidity was increasing around the spot price of BTC, it also increased the chances of a liquidity raid in the future, leading to lower volatility.
Keith Alan, co-founder of trading resource Material Indicators, emphasized the significance of flipping $69,000 to support, stating that it was the strongest and most important resistance level on the chart.
Alan also acknowledged that the US markets would be closed on May 27 for the Memorial Day holiday.
In terms of resistance, trader and analyst Rekt Capital drew attention to the area above $71,000. He confirmed that the market had exited the “danger zone” that usually accompanies events like the April block subsidy halving.
However, Rekt Capital explained that Bitcoin had rejected from around $71,500, which is where the Range High resistance of the Macro Re-Accumulation Range lies.
If Bitcoin fails to break through this resistance, the May monthly close could still end up in the red, following the pattern of the previous three years.
It’s important to note that this article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions.