Bitcoin (BTC) was trading at $67,500 on June 1, as last-minute price fluctuations prevented bulls from reaching key resistance levels.
Bitcoin managed to maintain its 11% monthly gains, according to data from Cointelegraph Markets Pro and TradingView. The BTC/USD pair remained flat at the end of the month after recovering from weekly lows. These lows were a result of concerns over a cryptocurrency exchange hack in Japan and manipulative actions by traders as the monthly close approached.
Despite narrowly surpassing expectations, the release of the Personal Consumption Expenditures (PCE) index, which measures inflation, did not significantly improve market sentiment in the United States. The price of Bitcoin retraced its pre-PCE action due to unwinding leading up to the event.
Bitcoin reversed at around $66,650, resulting in an 11% monthly gain for May. Michaël van de Poppe, founder and CEO of trading firm MNTrading, described Bitcoin’s consolidation as positive.
The volatility in Bitcoin’s price was attributed to large-volume traders, or “whales,” by trading resource Material Indicators. These traders played with liquidity during the monthly close, causing an unsuccessful attempt to establish $69,000 as support. The move was described as “killer whale games” in action.
It is 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.