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Bitcoin Analysts Predict “Many More Weeks” Before BTC Price Tops $70,000 — TradingView News
Bitcoin BitcoinUSD remained near key BTC price levels until the weekly close on May 26, while weekend trading focused on $69,000.
The liquidity of the BTC price thickens at the weekly close
Data from Cointelegraph Markets Pro and TradingView showed a strong performance of 
The weekend rally expected by some market watchers, however, remained limited by familiar resistance zones.
“As the price hovers around ~$69,000, there is some liquidity building up on both sides,” popular trader Daan Crypto Trades wrote in part of his latest analysis on X (formerly Twitter).
“Specifically: $68.3 thousand and $69.8 thousand. Good levels to watch in the short term until next week.
An accompanying graph showed liquidity concentrations for the 
In BTC orders, however, liquidity was increasing around the spot price, leading to lower volatility but increasing the chances of a subsequent liquidity raid.
Continuing, Keith Alan, co-founder of Material Indicators, highlighted the importance of dedicating $69,000 to support.
“Bitcoin lost $69,000 again. It is our strongest and most important resistance level on the chart,” states part of his latest post on X.
“I would like to see a weekly close above $69,000 to gain confidence in a measured move towards $73,000.”
Alan acknowledged that US markets would be closed on May 27 for the Memorial Day holiday.
Bitcoin Could Consolidate for ‘Many More Weeks’
On the topic of resistance, meanwhile, popular trader and analyst Rekt Capital has put the spotlight on lands above $71,000.
Updating X subscribers on BTC price action following April’s block subsidy halving, he confirmed that the market has moved out of the “danger zone” that tends to accompany such events.
Despite this, the bulls are not out of the woods yet.
“Since Bitcoin’s post-halving “danger zone” ended, Bitcoin has broken out to $71,500. However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is located and this is where Bitcoin refused,” Rekt Capital explained.
“The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”
If that happens, May’s monthly close could still close in the red, in line with the previous three years, according to data from tracking resource CoinGlass.
This article does not contain investment advice or recommendations. Every investing and trading move involves risk, and readers should conduct their own research before making a decision.