{"id":8773,"date":"2024-05-26T18:21:33","date_gmt":"2024-05-26T18:21:33","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8773"},"modified":"2024-05-26T17:21:43","modified_gmt":"2024-05-26T17:21:43","slug":"bitcoin-faces-extended-consolidation-before-breaking-70k","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/bitcoin-faces-extended-consolidation-before-breaking-70k\/","title":{"rendered":"Bitcoin Faces Extended Consolidation Before Breaking $70K"},"content":{"rendered":"\n

Bitcoin remains in a consolidation phase below new all-time highs, with BTC price struggling to break above $70,000. As of May 26, Bitcoin stayed near key price levels, with weekend trading focusing on the $69,000 mark.<\/p>\n\n\n\n

Liquidity Builds Around $69K<\/h3>\n\n\n\n

Data from Cointelegraph Markets Pro and TradingView showed that BTC\/USD experienced a strong performance, briefly surpassing $69,500 before settling. Despite the weekend’s upside momentum, resistance zones above $70,000 capped gains.<\/p>\n\n\n\n

Popular trader Daan Crypto Trades noted, \u201cAs price is ranging around ~$69K, there’s some liquidity building up on both sides. Most notably: $68.3K & $69.8K. Good levels to watch in the short term going into next week.\u201d This observation was supported by a chart showing liquidity concentrations for the BTC\/USDT perpetual swaps pair on Binance.<\/p>\n\n\n\n

Across BTC order books, liquidity increased around the spot price, leading to lower volatility but raising the odds of a potential liquidity raid in the future.<\/p>\n\n\n\n

Importance of the $69K Level<\/h3>\n\n\n\n

Keith Alan, co-founder of trading resource Material Indicators, emphasized the critical nature of the $69,000 support level. In his latest post on X (formerly Twitter), Alan stated, \u201cBitcoin lost $69k again. It’s our strongest and most important resistance level on the chart. I’d like to see a weekly close above $69k to gain some confidence in a measured move to $73k.\u201d<\/p>\n\n\n\n

Alan also acknowledged the impact of the Memorial Day holiday in the United States, which may affect market activity on May 27.<\/p>\n\n\n\n

Also Read: Standard Chartered Predicts Solana and Ripple ETFs by 2025<\/a><\/p>\n\n\n\n

Extended Consolidation Expected<\/h3>\n\n\n\n

Popular trader and analyst Rekt Capital highlighted the resistance above $71,000, pointing out that the market had exited the “danger zone” typically seen after Bitcoin halving events. Despite this, bulls have not yet secured a decisive breakout.<\/p>\n\n\n\n

\u201cSince the Bitcoin Post-Halving \u2018Danger Zone\u2019 ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from,\u201d Rekt Capital explained. \u201cThe consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.\u201d<\/p>\n\n\n\n

If this extended consolidation occurs, the May monthly close could still be red, following a pattern observed over the past three years, according to data from monitoring resource CoinGlass.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin remains in a consolidation phase below new all-time highs, with BTC price struggling to break above $70,000. As of May 26, Bitcoin stayed near key price levels, with weekend trading focusing on the $69,000 mark. Liquidity Builds Around $69K Data from Cointelegraph Markets Pro and TradingView showed that BTC\/USD experienced a strong performance, briefly […]<\/p>\n","protected":false},"author":18,"featured_media":7496,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257,18],"tags":[],"class_list":{"0":"post-8773","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"category-market-updates"},"acf":[],"yoast_head":"\nBitcoin Faces Extended Consolidation Before Breaking $70K<\/title>\n<meta name=\"description\" content=\"Bitcoin remains in a consolidation phase below new all-time highs, with BTC price struggling to break above $70,000. 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