Bitcoin analyst sees 'several more weeks' before BTC price breaks $70K

May 26, 202408:56 UTC

BTCUSD

BTCUSDT

Bitcoin BTCUSD stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.

BTC price liquidity thickens into weekly close

Data from Cointelegraph Markets Pro and TradingView showed strong performance by BTCUSD, which briefly passed $69,500 before consolidating.

Weekend upside, which some market observers predicted, nonetheless remained capped by familiar resistance zones.

“As price is ranging around ~$69K, there's some liquidity building up on both sides,” popular trader Daan Crypto Trades wrote in part of his latest analysis on X (formerly Twitter).

“Most notably: $68.3K & $69.8K. Good levels to watch in the short term going iinto next week.”

An accompanying chart showed liquidity concentrations for the BTCUSDT perpetual swaps pair on largest global exchange Binance.

Across BTC order books, however, liquidity was increasing around spot price, leading to lower volatility but upping the odds of a liquidity raid later.

Continuing, Keith Alan, co-founder of trading resource Material Indicators, stressed the importance of flipping $69,000 to support.

“Bitcoin lost $69k again. It's our strongest and most important resistance level on the chart,” part of his latest X post stated.

“I'd like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”

Alan acknowledged that United States markets would be closed on May 27 for the Memorial Day holiday.

Bitcoin may consolidate for "several more weeks"

On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital cast the spotlight on ground above $71,000.

Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had exited the “danger zone” which tends to accompany such events.

Despite this, bulls are not out of the woods yet.

“Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin broke out to $71500. However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from,” Rekt Capital explained.

“The consolidation continues and history suggest it will continue for several more weeks between $60000 and $70000.”

Were that to happen, the May monthly close could still close red, falling in line with the previous three years, per data from monitoring resource CoinGlass.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.