Bitcoin Continues Consolidation Below $70K as Price Faces Rejection at New Highs
Bitcoin (BTC) remained near critical price levels into the May 26 weekly close, with weekend trading focusing on the $69,000 mark, despite a recent rejection above $70,000. Currently, BTC is trading at $68,798.
BTC Price Liquidity Increases Ahead of Weekly Close
Data from Cointelegraph Markets Pro and TradingView revealed a robust performance by BTC/USD, which briefly surpassed $69,500 before consolidating. Despite predictions of a weekend upswing, the price remained constrained by familiar resistance zones.
“With BTC price hovering around ~$69K, liquidity is accumulating on both sides,” noted popular trader Daan Crypto Trades in his latest analysis.
Most notably, key levels to watch in the short term are $68.3K and $69.8K. These levels will be crucial as we head into next week.
Bitcoin May Consolidate for “Several More Weeks”
Regarding resistance, popular trader and analyst Rekt Capital highlighted the significance of levels above $71,000. Bitcoin may continue to consolidate for “several more weeks” before making a decisive move.
Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin surged to $71,500. However, as Rekt Capital explained, around $71,500 is where the Range High resistance of the Macro Re-Accumulation Range lies, and this is where Bitcoin faced rejection.