2024

Bitcoin

Resistance

Material

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-resistance-as-may-ends" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Resistance as May Ends</a><br></p>
<p style="text-align: justify">Bitcoin (BTC), the leading cryptocurrency, begins the week with significant resistance as May draws to a close. The conversion of previous all-time highs into resistance levels has BTC bulls on high alert. The critical question now is whether Bitcoin could drop to $69,000 by June.</p>
<h2 id="what-are-the-macroeconomic-factors">What are the Macroeconomic Factors?</h2>
<p style="text-align: justify">Macroeconomic factors continue to play a crucial role, particularly from US <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data</a> pressures, which are pivotal for both the crypto and broader risk asset <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">markets</a>. Bitcoin itself is dealing with its own set of challenges, having been consolidating below its all-time highs for over two months. Some analysts hold optimistic views for BTC’s price in 2024, with six-figure targets for the BTC/USD pair, although concerns about a potential deeper pullback persist.</p>
<p style="text-align: justify">Recent data from Cointelegraph Markets Pro and TradingView highlighted Bitcoin’s typical weekend price fluctuations, rising above $69,000 but retracting after the weekly close. Despite the US holiday, Bitcoin managed to close the latest gap in the CME Group Bitcoin futures markets.</p>
<h2 id="how-do-analysts-view-btc">How Do Analysts View BTC?</h2>
<p style="text-align: justify">Daan Crypto Trades, a popular <a href="https://en.bitcoinhaber.net/market-awaits-pce-data-and-feds-stance-amidst-crypto-volatility" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a>, compared Bitcoin’s price movement to a classic weekend pattern, noting that the weekly close around $68,500 was the strongest since early April. Trading source Material Indicators emphasized the importance of converting the $69,000 level into solid support. In a statement on X, an analyst from Material Indicators noted that BTC had a bullish weekly close, but another failed attempt to reverse the resistance/support at $69,000 was evident.</p>
<h2 id="concrete-insights">Concrete Insights</h2>
<ul>
 <li>Monitor US macroeconomic data as it significantly impacts crypto markets.</li>
 <li>Watch for Bitcoin’s price behavior around the $69,000 resistance level.</li>
 <li>Pay attention to weekend price movements, which often show classic patterns.</li>
 <li>Consider analysts’ higher price predictions for 2024 but remain cautious of potential pullbacks.</li>
</ul>
<p style="text-align: justify">In summary, Bitcoin faces key resistance levels as May ends, and analysts are keenly watching whether BTC can turn $69,000 into strong support. The coming weeks will be critical in determining the cryptocurrency’s near-term direction.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-resistance-as-may-ends" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Resistance as May Ends</a></h5>

Bitcoin Faces Resistance as May Ends

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