Bitcoin

when

Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) saw four-day lows into the May 28 Wall Street open after holiday BTC price action deceived bulls.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/92dede2a-bafa-45f7-96a8-cc47b0647b12.png">
 <figcaption style="text-align: center;">BTC/USD 1-hour chart. Source: TradingView
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<h2 id="bitcoin-wobbles-on-mt-gox-fund-movements">Bitcoin wobbles on Mt. Gox fund movements</h2>
Data from <a href="https://subscription.cointelegraph.com/?_gl=1*7499wx*_ga*MTQ0MzQ0NzI4Ny4xNzE2MzY1NTA0*_ga_53R24TEEB1*MTcxNjM2NTUwNC4xLjEuMTcxNjM2Njg2MC4wLjAuMA.." rel="noopener noreferrer nofollow">Cointelegraph Markets Pro</a> and <a href="https://www.tradingview.com/symbols/BTCUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> showed BTC/USD hovering below $68,000 after spiking to weekly highs.
The trip to $70,600 during the Memorial Day holiday in the United States came without institutional involvement, for example in the form of demand for the spot Bitcoin exchange-traded funds (ETFs).
Despite rapidly gaining momentum, Bitcoin’s latest rally failed to endure for long before the market retraced all of its progress.
The volatility came amid <a href="https://cointelegraph.com/news/mt-gox-labeled-bitcoin-wallet-moves-millions-new-address" rel="noopener noreferrer nofollow">new movement of BTC worth $7 billion</a> from wallets linked to defunct exchange Mt. Gox.
“And there is a full retrace of that recent pump as expected,” popular trader Credible Crypto wrote in part of his <a href="https://x.com/CredibleCrypto/status/1795304320654774459" target="_blank" rel="noopener noreferrer nofollow">ongoing commentary</a> on X (formerly Twitter).
<blockquote>
 “Let’s see what kind of reaction we get here at the lows.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/72d6e75d-4938-48be-bf35-2ca3a2a523a6.png">
 <figcaption style="text-align: center;">BTC liquidation heatmap (screenshot). Source: CoinGlass
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The latest data from monitoring resource <a href="https://www.coinglass.com/pro/futures/LiquidationHeatMap" target="_blank" rel="noopener noreferrer nofollow">CoinGlass</a> highlighted liquidity concentrations around spot price, with the area around $67,000 now the nearest point of interest below.
Responding to the past 24 hours’ moves, fellow trader Daan Crypto Trades revealed a positive impact on market structure — a removal of leverage.
“All positions entered during yesterday's move were flushed out and the funding rate is back to neutral,” he <a href="https://x.com/DaanCrypto/status/1795345433101037824/photo/1" target="_blank" rel="noopener noreferrer nofollow">wrote</a> on X alongside a chart of open interest data.
<blockquote>
 “ETH is a bit stronger still but as long as BTC is within its bigger range we'll keep seeing more of this low timeframe chop.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/139338c1-7f67-4713-aec6-75152c87bfec.png">
 <figcaption style="text-align: center;">BTC/USD chart. Source: Credible Crypto/X
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BTC price performance thus continued to hinge on overcoming key resistance and flipping it to support.
<h2 id="bullish-btc-price-visions-unfazed">Bullish BTC price visions unfazed</h2>
As <a href="https://cointelegraph.com/news/btc-price-preps-most-parabolic-phase-5-things-bitcoin-this-week" rel="noopener noreferrer nofollow">Cointelegraph reported</a>, the greatest challenge remains the 2021 all-time highs of $69,000 and the subsequent trip to $73,800 this year.
Related:&nbsp;<a href="https://cointelegraph.com/news/price-analysis-5-27-spx-dxy-btc-eth-bnb-sol-xrp-ton-doge-ada" rel="noopener noreferrer nofollow">Price analysis 5/27: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA</a>
Zooming out, popular trader Jelle revealed a mere consolidatory structure on monthly timeframes despite the lack of upward momentum since March.
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/1f85f1da-80b7-4f64-bf8e-a06d9eddb069.png">
 <figcaption style="text-align: center;">Source: Jelle
 </figcaption>
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In a <a href="https://x.com/CryptoJelleNL/status/1795358830039371902/photo/1" target="_blank" rel="noopener noreferrer nofollow">further post</a>, he considered a broader BTC price range in place all the way since mid-2017 — when BTC/USD hit historical all-time highs of $20,000 two cycles ago.
“Bitcoin has spent the past 6.5 years inside this rising channel, and I don't expect that to change anytime soon,” he confirmed.
<blockquote>
 “If history is any indication, it's time for another trip towards the highs of the channel. 6-figure Bitcoin is coming.”
</blockquote>
<figure><img src="https://s3.cointelegraph.com/uploads/2024-05/f890cd16-256a-4e7e-b609-3acac1a0a4ab.png">
 <figcaption style="text-align: center;">BTC/USD chart. Source: Jelle/X
 </figcaption>
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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 misses key resistance flip as BTC price falls below $68K

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