Key Points
- Bitcoin (BTC) maintains stability around key price levels, with weekend trading focusing on $69,000.
- Market liquidity is increasing around the spot price, which could lead to a liquidity raid later.
Bitcoin’s Weekend Trading
Bitcoin (BTC) showed a strong performance during the weekend of May 26, briefly surpassing $69,500 before settling. Despite predictions of a weekend upside, the growth remained limited by familiar resistance zones. Noted trader Daan Crypto Trades highlighted the liquidity buildup on both sides as the price hovered around ~$69K. He drew attention to the levels of $68.3K and $69.8K as ones to watch in the short term.
Liquidity and Resistance
The liquidity concentrations for the BTC/USDT perpetual swaps pair on the largest global exchange, Binance, were presented in a chart accompanying Daan’s analysis. Across BTC order books, liquidity was increasing around the spot price, which reduced volatility but increased the chances of a liquidity raid. Keith Alan, co-founder of trading resource Material Indicators, emphasized the need to turn $69,000 into support. He expressed a desire to see a weekly close above $69k to gain confidence in a potential move to $73k.
Trader and analyst Rekt Capital pointed out the resistance above $71,000. Following the April block subsidy halving, he confirmed that the market had exited the “danger zone” usually associated with such events. However, he warned that the bulls are not completely safe yet. Rekt Capital suggested that the consolidation could continue for several more weeks between $60,000 and $70,000. If this were to occur, the May monthly close could still be in the red, consistent with the previous three years according to data from monitoring resource CoinGlass.
