Bitcoin remains in a consolidation phase below new all-time highs, with BTC price struggling to break above $70,000. As of May 26, Bitcoin stayed near key price levels, with weekend trading focusing on the $69,000 mark.
Liquidity Builds Around $69K
Data from Cointelegraph Markets Pro and TradingView showed that BTC/USD experienced a strong performance, briefly surpassing $69,500 before settling. Despite the weekend’s upside momentum, resistance zones above $70,000 capped gains.
Popular trader Daan Crypto Trades noted, “As price is ranging around ~$69K, there’s some liquidity building up on both sides. Most notably: $68.3K & $69.8K. Good levels to watch in the short term going into next week.” This observation was supported by a chart showing liquidity concentrations for the BTC/USDT perpetual swaps pair on Binance.
Across BTC order books, liquidity increased around the spot price, leading to lower volatility but raising the odds of a potential liquidity raid in the future.
Importance of the $69K Level
Keith Alan, co-founder of trading resource Material Indicators, emphasized the critical nature of the $69,000 support level. In his latest post on X (formerly Twitter), Alan stated, “Bitcoin lost $69k again. It’s our strongest and most important resistance level on the chart. I’d like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”
Alan also acknowledged the impact of the Memorial Day holiday in the United States, which may affect market activity on May 27.
Also Read: Standard Chartered Predicts Solana and Ripple ETFs by 2025
Extended Consolidation Expected
Popular trader and analyst Rekt Capital highlighted the resistance above $71,000, pointing out that the market had exited the “danger zone” typically seen after Bitcoin halving events. Despite this, bulls have not yet secured a decisive breakout.
“Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from,” Rekt Capital explained. “The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”
If this extended consolidation occurs, the May monthly close could still be red, following a pattern observed over the past three years, according to data from monitoring resource CoinGlass.
