Key Points
- Bitcoin (BTC) traded at $67,500 into June 1, with last-minute price volatility affecting the market.
- Despite market fluctuations, Bitcoin managed to retain 11% monthly gains.
Bitcoin (BTC) was trading at a value of $67,500 as June 1 began.
The last-minute volatility in BTC’s price prevented bulls from reaching key resistance.
Data Indicates Monthly Gains
The BTC/USD was flat at the monthly close after it recovered from weekly lows.
These lows were a result of concerns over a cryptocurrency exchange hack in Japan and aggressive trading moves as the month-end approached.
The United States macroeconomic data, specifically the Personal Consumption Expenditures (PCE) index, didn’t substantially improve the market mood, even though it slightly beat expectations, indicating slowing inflation.
Market Reaction and Predictions
Bitcoin reversed at around $66,650, resulting in a close that put May’s monthly gains at 11%.
Michaël van de Poppe, founder and CEO of trading firm MNTrading, noted that Bitcoin is consolidating nicely and that the markets are slowly gearing up for further upward momentum.
A closer look at the recent BTC price behavior reveals that Bitcoin whales, or large-volume traders, are responsible for the market volatility.
These traders manipulated liquidity as the month came to an end, leading to a failed attempt to flip $69,000 to support.
The liquidity levels for the BTC/USDT pair on the global exchange Binance, along with volumes from various whale cohorts, were also highlighted.
These moves were described as “killer whale games in action”.
