Bitcoin (BTC) traded at $67,500 through June 1 as last-minute price movements saw bulls miss their final challenge at a key resistance level.
Bitcoin maintains 11% monthly gain
Data from Cointelegraph Markets Pro Trading View BTC/USD traded flat at the monthly close after recovering from the weekly lows.
These stemmed from “predatory” trader activity as the end of the month approached, as well as concerns over the hacking of a cryptocurrency exchange in Japan.
The macroeconomic data for the United States is the Personal Consumption Expenditures (PCE) index. Slightly better than expectedThis indicates that inflation is slowing.
“Prices tracked pre-PCE price trends, but were primarily driven by the unwinding into the event itself,” said popular trader Skew. I have written This was an update to X (formerly Twitter) at the time.
“It will be very important to see market flows from here, especially spot flows. Spot bids + demand are needed to go up. On the downside, FOMO hedging could lead to a trap later.”
As a result, Bitcoin reversed course near the $66,650 mark and closed at Monthly increase in May It’s 11%.
“Bitcoin is stabilizing nicely here,” said Mikael van de Poppe, founder and CEO of trading firm MNTrading. summary.
“The market is in equilibrium and slowly regaining further upward momentum. $66,000 is the key area to hold.”
‘Killer Whale Game’ shapes BTC price
Trading resource Material Indicators, which has closely examined the latest BTC price movements, asserts that Bitcoin whales are to blame for the price movement.
Related: Bitcoin’s “Diamond Hand” Cuts Selling by Nearly 50% at $73.8K — Survey
The firm noted that attempts to flip $69,000 into support failed as large traders traded liquidity towards the end of the month. Prior to this, Material Indicators co-founder Keith Allan had said it would be a “great” end to May if it flipped in time.
“Orcas have pumped Bitcoin selling liquidity into the market, driving the price down above $69,000. Currently, support at $67,000 is being used and we have yet to see any new liquidity above $65,000.” Post by X explained.
“The chaos continues”
The attached chart shows the liquidity levels for the BTC/USDT pair on the world’s largest exchange, Binance, as well as the trading volumes of different whale groups.
Alan Explained These moves are considered “the killer whale game in action.”
This article does not contain any investment advice or recommendations. Any investment or trading involves risks and readers should conduct their own research when making any decision.
