Rekt

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) stayed near key BTC price levels into the May 26 weekly close as weekend trading focused on $69,000.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/bd5880a4-3075-4760-910b-2c48111311b0.png">
 <figcaption style="text-align: center;">
 BTC/USD 1-hour chart. Source: TradingView
 </figcaption>
</figure>
<h2 id="btc-price-liquidity-thickens-into-weekly-close">BTC price liquidity thickens into weekly close</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA..">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener nofollow">TradingView</a> showed strong performance by BTC/USD, 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 <a href="https://x.com/DaanCrypto/status/1794623264297513160/photo/1" target="_blank" rel="noopener nofollow">latest analysis</a> on X (formerly Twitter). 
<blockquote>
 “Most notably: $68.3K &amp; $69.8K. Good levels to watch in the short term going iinto next week.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/01a23db0-00e6-4647-97d0-a10fd620a918.png">
 <figcaption style="text-align: center;">
 BTC/USDT liquidation heatmap. Source: Daan Crypto Trades/X
 </figcaption>
</figure>
An accompanying chart showed liquidity concentrations for the BTC/USDT 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 <a href="https://x.com/KAProductions/status/1794564977514119342" target="_blank" rel="noopener nofollow">stated</a>.
<blockquote>
 “I'd like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/c3a5b54c-7c35-4a74-b955-15eb0500922f.png">
 <figcaption style="text-align: center;">
 BTC/USD 1-week chart. Source: Keith Alan/X
 </figcaption>
</figure>
Alan acknowledged that United States markets would be closed on May 27 for the Memorial Day holiday.
<h2 id="bitcoin-may-consolidate-for-several-more-weeks">Bitcoin may consolidate for "several more weeks"</h2>
On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital cast the spotlight on ground above $71,000.
Related:&nbsp;<a href="https://cointelegraph.com/news/bitcoin-rsi-copies-2017-bull-run-trader-75k-btc-price">Bitcoin RSI copies 2017 bull run as trader says $75K key for BTC price</a>
Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had <a href="https://cointelegraph.com/news/bitcoin-halving-danger-zone-2-days-btc-price-retesting-60k">exited the “danger zone”</a> 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 <a href="https://x.com/rektcapital/status/1793981246650884472" target="_blank" rel="noopener nofollow">explained</a>.
<blockquote>
 “The consolidation continues and history suggest it will continue for several more weeks between $60000 and $70000.”
</blockquote>
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/e7b15a42-4bb1-42c9-9c25-0a3304c5055f.png">
 <figcaption style="text-align: center;">
 BTC/USD comparison. Source: Rekt Capital/X
 </figcaption>
</figure>
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 <a href="https://coinglass.com/today" target="_blank" rel="noopener nofollow">CoinGlass</a>.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-05/55e7d466-04e1-401d-af00-915ab6b7362d.png">
 <figcaption style="text-align: center;">
 BTC/USD monthly returns (screenshot). Source: CoinGlass
 </figcaption>
</figure>
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.

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

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