Author: William Suberg, CoinTelegraph; Compiler: Tao Zhu, Golden Finance
As of the weekly close on May 26, BTC has remained near the key BTC price level, with weekend trading concentrated at $69,000.
BTC/USD 1-hour chart. Source: TradingView
Data from Cointelegraph Markets Pro and TradingView show BTC/USD on a strong run, briefly topping $69,500 before consolidating.
Some market watchers are predicting a weekend rally, but it remains capped by familiar resistance areas.
“With prices around $69,000, some liquidity has accumulated on both sides,” wrote Daan Crypto Trades, a prominent trader on X (formerly Twitter), in a recent analysis.
“Most notable: $68,300 and $69,800. Good levels to watch in the short term next week.”
BTC/USDT liquidation heat map. Source: Daan Crypto Trades/X
The accompanying chart shows the concentration of liquidity for the BTC/USDT perpetual swap pair on Binance, the world’s largest exchange.
However, liquidity is increasing around the spot price in the Bitcoin order book, leading to lower volatility but increasing the likelihood of a subsequent liquidity raid.
Next, Keith Alan, co-founder of trading resource Material Indicators, highlighted the importance of the $69,000 support level.
“Bitcoin is once again facing resistance at $69,000. This is our strongest and most important resistance level on the chart,” said part of his latest X post.
“I would like to see a weekly close above $69,000 to gain some confidence in a steady rise to $73,000.”
BTC/USD 1-week chart. Source: Keith Alan/X
Alan acknowledged that U.S. markets will be closed on May 27 for the Memorial Day holiday.
Meanwhile, On the topic of resistance levels, prominent trader and analyst Rekt Capital zeroed in on the area above $71,000.
He updated X subscribers on BTC price action following April’s block subsidy halving, confirming that the market has exited the “danger zone” that often accompanies such events.
Nevertheless, bulls are not out of the woods yet.
“Since the end of the ‘danger zone’ following the Bitcoin halving, Bitcoin has broken out to $71,500. However, $71,500 is the upper resistance level of the macro reaccumulation range, and it is also where Bitcoin has not broken out.” Rekt Capital explained.
“Consolidation continues and history suggests that consolidation will continue between $60,000 and $70,000 for several weeks.”
Bitcoin/USD comparison. Source: Rekt Capital/X
If this happens, the monthly close in May could still end in the red, in line with the previous three years, according to monitoring resource CoinGlass.
Bitcoin/USD monthly returns (screenshot). Source: CoinGlass
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