Bitcoin Expert Explains: When Will The $70,000 Threshold Be Surpassed?

Bitcoin may not have completed its consolidation below its all-time high, as it has yet to establish a strong hold above the $70,000 mark.

Bitcoin (BTC) is gradually approaching its weekly close on May 26, with weekend trading hovering around the $69,000 mark.

BTC liquidity is intensifying towards the weekly close. However, according to data, Bitcoin showed a brief period of good performance. Although the BTC price increased slightly over the weekend, resistance levels are limiting this upward movement.

In their recent analysis, Daan Crypto Trades stated, "With the price hovering around $69,000, some liquidity is forming on both sides." "Most importantly: $68,300 and $69,800. These are the levels to watch in the short term as we enter the next week."

The attached chart displays liquidity concentrations for the BTC/USDT perpetual swap pair on Binance, a major global exchange.

In BTC's order books, there is an increase in liquidity near the spot price; this reduces volatility in the short term, while increasing the likelihood of a liquidity sweep in the future.

Keith Alan, co-founder of Material Indicators, commented on trading strategies, saying, "Bitcoin has lost the $69,000 level again. This is our strongest and most important resistance level on the chart." Alan also added, "We would like to see a weekly close above $69,000 to increase confidence in a move towards $73,000."

Alan confirmed that the U.S. markets will be closed on May 27 due to Memorial Day.

Bitcoin "may consolidate for several more weeks." Popular analyst and trader Rekt Capital drew attention to the area above $71,000 while updating his followers on X about the developments in BTC price following the Bitcoin block halving event in April. Rekt noted that the market has exited the "danger zone" typically associated with such significant events.

Despite this development, the bulls have not yet claimed victory.

Rekt explained, "Since the end of the 'Post-Halving Danger Zone,' Bitcoin has risen to $71,500. However, this level represents the highest resistance in the macro re-accumulation range, and it is where Bitcoin has been rejected. The consolidation process continues, and historical data suggests that this situation could persist between $60,000 and $70,000 for several more weeks."

Under these conditions, according to CoinGlass data, the monthly closing of May could be in red, following the trend of the previous three years.

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