Bitcoin (BTC) stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.
BTC/USD 1-hour chart. Source: TradingView
BTC price liquidity thickens into weekly close
Data from Cointelegraph Markets Pro and TradingView showed strong performance by BTC/USD, which briefly passed $69,500 before consolidating.
Weekend upside, which some market observers predicted, nonetheless remained capped by familiar resistance zones.
“As price is ranging around ~$69K, there’s some liquidity building up on both sides,” popular trader Daan Crypto Trades wrote in part of his latest analysis on X (formerly Twitter).
“Most notably: $68.3K & $69.8K. Good levels to watch in the short term going iinto next week.”BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
An accompanying chart showed liquidity concentrations for the BTC/USDT perpetual swaps pair on largest global exchange Binance.
Across BTC order books, however, liquidity was increasing around spot price, leading to lower volatility but upping the odds of a liquidity raid later.
Continuing, Keith Alan, co-founder of trading resource Material Indicators, stressed the importance of flipping $69,000 to support.
“Bitcoin lost $69k again. It’s our strongest and most important resistance level on the chart,” part of his latest X post stated.
“I’d like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”BTC/USD 1-week chart. Source: Keith Alan/X
Alan acknowledged that United States markets would be closed on May 27 for the Memorial Day holiday.
Bitcoin may consolidate for “several more weeks”
On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital cast the spotlight on ground above $71,000.
Related: Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price
Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had exited the “danger zone” which tends to accompany such events.
Despite this, bulls are not out of the woods yet.
“Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin broke out to $71500….
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