Bitcoin is continuing its consolidation phase below its new all-time highs, facing rejection each time it attempts to break above $70,000. As the market approached the May 26th weekly close, Bitcoin’s price hovered around the critical $69,000 level, with weekend trading largely centred on this figure. Despite some analysts forecasting potential gains over the weekend, the upside was consistently restrained by well-established resistance zones. Meanwhile, liquidity around Bitcoin’s spot price has risen, as evidenced by the activity in BTC order books. This could lead to potential future volatility due to possible liquidity raids.
At the time of writing BTC was trading at $69,032.
After breaking the psychological support of $60k, Bitcoin reached a low of $56,552 (on 1st May). However, the lower shadow around the crucial support level of $56,000 indicated buying from these levels and the prices rallied up to $71,979. Post this move, BTC yet again saw some profit booking or selling above $70k levels. The asset is struggling to sustain and give a weekly closing above $70k. To witness further rally, it needs to break, close and sustain above its all-time high. $67,000 and $60,000 will act as a strong support for the asset.
Key Levels:
| Support 2 | Support 1 | Asset | Resistance 1 | Resistance 2. |
| $56,000 | $60,000 | BTC | $67,500 | $73,777 |
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