Key Points
- Bitcoin (BTC) is pressuring key resistance as it starts a new week, with a $69,000 target.
- Bitcoin’s consolidation below all-time highs has been ongoing for over two months, and a resolution remains elusive.
Bitcoin is starting a new week with pressure on key resistance as the May monthly close approaches.
The BTC price action is keeping the bulls alert, as old all-time highs are proving difficult to convert into resistance. The question being asked is whether the $69,000 mark can be taken down by June.
Quiet Start to the Week
The beginning of the week has been quiet due to the observance of Memorial Day in the United States, which has kept institutional activity off the table until May 28.
However, macroeconomic catalysts in the form of U.S. data prints are expected to heat up later, as these always form a key focal point for crypto and risk assets.
Meanwhile, Bitcoin has its own challenges to deal with. The consolidation below all-time highs has been ongoing for over two months, and a resolution of the status quo remains elusive.
Price Predictions and Market Movements
There are plenty of optimistic BTC price predictions circulating, some including a six-figure target for BTC/USD in 2024, but concerns of a deeper retracement linger in the background.
Bitcoin saw a classic spate of weekend price action, heading above $69,000 but retracing after the weekly close. In doing so, it effectively closed its latest “gap” in CME Group Bitcoin futures markets.
The weekly close, which came in at around $68,500, was nonetheless Bitcoin’s strongest since the start of April. Trading resource Material Indicators stressed the need to turn $69,000 into solid support.
The latest data from monitoring resource CoinGlass shows key areas of liquidity built up around spot price, leaving traders to guess which will be taken first.
The direction Bitcoin will take once it leaves its current range is a major preoccupation for some market observers. A consensus is forming over a break to the upside, but how high the market will go remains a topic of debate.
Some observers, however, still have a larger correction as their base case. Among them is popular trader Credible Crypto, who continues to eye the area around $60,000 as likely coming next.
Bitcoin Halving and Macro Week
For popular trader and analyst, the latest Bitcoin block subsidy halving is “not priced in.” Bitcoin, he says, is still in a post-halving “re-accumulation phase” and the consolidation it brings has historically lasted for up to 160 days.
With U.S. markets closed until May 28, Bitcoin has little impetus for major outside volatility during Wall Street hours. The Asia trading session produced no surprises, and attention thus focuses on the end of the week.
Here, U.S. macro data prints return, headlined by the Producer Price Index (PCE), known as the Federal Reserve’s preferred inflation gauge.
When it comes to “buying the dip,” some Bitcoin investor cohorts are wasting no time below $69,000. Bitcoin whales, the largest of these, have been especially active as price has advanced and stayed near all-time highs.
