Bitcoin (BTC) starts a new week pressuring key resistance as the May monthly close looms.
BTC price action is keeping bulls on their toes, as old all-time highs prove hard to flip to resistance. Can $69,000 fall by June?
A quiet start to the week sees Memorial Day in the United States keep institutional activity off the table until May 28.
Later, however, macroeconomic catalysts heat up in the form of U.S. data prints, which, as always, form a key focal point for crypto and risk assets.
Meanwhile, Bitcoin has its own hurdles to contend with — consolidation below all-time highs has been ongoing for over two months, and a resolution of the status quo remains elusive.
Plenty of optimistic BTC price predictions are circulating, some including a six-figure target for BTC/USD in 2024, but concerns of a deeper retracement linger in the background.
As the market sits at a critical point, Cointelegraph takes a look at the factors set to potentially move them as May comes to an end.
BTC price snatches at key $69,000 level
Bitcoin saw a classic spate of weekend price action, heading above $69,000 but retracing after the weekly close, data from Cointelegraph Markets Pro and TradingView confirms.
BTC/USD 1-hour chart. Source: TradingView
In so doing, it effectively closed its latest “gap” in CME Group Bitcoin futures markets — even with the U.S. closed for the Memorial Day holiday.
“Basic weekend price action so far,” popular trader Daan Crypto Trades wrote in a response on X (formerly Twitter).
BTC/USD chart with CME Bitcoin futures data. Source: Daan Crypto Trades/X
The weekly close, which came in at around $68,500, was nonetheless Bitcoin’s strongest since the start of April.
Commenting on the latest developments, trading resource Material Indicators stressed the need to turn $69,000 into solid support.
“A green Weekly close for BTC is met with another failed attempt to R/S flip $69k and a new Trend Precognition (down) signal on the W chart,” part of an X post read, referring to one of Material Indicators’ proprietary trading tools.
“For me, a push above $71,250 invalidates.”BTC/USD chart with trading…..