Key Points
- Bitcoin is trading above the important mark of $70k on May 27, as the US is celebrating Memorial Day.
- The weekend was marked by bullish events and predictions for crypto.
Today, May 27, the US is celebrating Memorial Day, a federal holiday for honoring and mourning the military personnel who died while serving in the United States Armed Forces.
As institutional activity is on a break until tomorrow, the crypto markets experience high volatility.
Bitcoin started this week by hitting the important mark of $70k. The coin is up by 2% today.
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BTC’s price consolidation below ATH has been ongoing for weeks.
Crypto analyst Willy Woo commented on Bitcoin’s recent price surges, noting that the bulls were challenging overhead resistance that had been in place for a month or more.
He suggested that one more layer of resistance has to be overcome in order for BTC to achieve new ATHs.
Woo said that consolidation under an all-time high needs to happen for a while, before opening up “the flood gates.”
Bullish events and predictions for Bitcoin’s price
The past weekend was marked by bullish remarks about Bitcoin and the crypto industry coming from the former US President, Donald Trump.
In a Saturday speech, Trump promised to commute the sentence of Ross Ulbricht, founder of the Silk Road online marketplace, in a massive display of his support for the crypto industry in the country.
As Anthony Pompliano noted, Trump has been explicitly showing his support for the industry and the right to self-custody.
MicroStrategy’s Michael Saylor brought up Bitcoin’s success. On X, he shared a video featuring Trump showing support for the industry and wrote that “nothing is more powerful than an idea whose time has come.”
Saylor also addressed Bitcoin ETFs and highlighted that 32 Bitcoin ETFs are now holding over 1 million BTC. He used the term “1 Nakamoto” to define 1 million BTC.
Also, in a YouTube video last week, the popular trader and analyst Rekt Capital said that the Bitcoin halving is not priced in yet. He argued that the event is still on the table as BTC’s price catalyst.
He said that Bitcoin is still in a post-halving re-accumulation phase and the consolidation that it brings has historically lasted up to 160 days.
Last week, Matrixport also predicted that we could see a new Bitcoin ATH in a matter of days. On May 10, they wrote that Trump might be Bitcoin’s “biggest upside risk” and, on May 17, they noted that the Bitcoin bull market is back.
