Bitcoin (BTC) hit a four-day low after Wall Street opened on May 28 after holiday BTC price action faked strength.
Bitcoin is shaken by Mt.Gox fund movements.
BTC/USD is hovering below $68,000 after soaring to weekly highs, according to data from Cointelegraph Markets Pro and TradingView.
The $70,600 mark reached over the Memorial Day holiday in the United States was achieved without any agency intervention. For example, this was in the form of demand for spot Bitcoin exchange-traded funds (ETFs).
Despite rapidly gaining momentum, Bitcoin’s recent rally could not last long before the market reversed all of its progress.
This volatility was caused by the defunct exchange Mt. It comes amid a new movement of $7 billion worth of BTC from wallets linked to Gox.
“And as expected, there is a full retracement of the recent pump,” popular trader Credible Crypto wrote as part of his ongoing commentary on X (formerly Twitter).
“Let’s see how we react at the bottom.”
The latest data from monitoring resource CoinGlass has highlighted the concentration of liquidity around the spot price, with the closest point of interest below currently being around $67,000.
Commenting on the movements over the last 24 hours, fellow trader Daan Crypto Trades said there has been a positive impact on the market structure: removal of leverage.
“All positions entered during yesterday’s move have disappeared and the funding rate has returned to neutral,” he wrote on X alongside a chart of open interest data.
“ETH is still a little stronger, but as long as BTC remains within a larger range, we may continue to see more in this short period.”
Therefore, BTC price performance continues to depend on it overcoming major resistance and turning into support.
BTC price vision bullish
As Cointelegraph reported, the biggest challenge is reaching the all-time high of $69,000 in 2021 and the subsequent $73,800 this year.
Related: Price Analysis 5/27: SPX, DXY, BTC, ETH, BNB, SOL, XRP, TON, DOGE, ADA
Popular trader Jelle revealed a simple consolidation structure on the monthly period despite a lack of upward momentum since March.
In a further post, he considered the broader BTC price range since mid-2017, when BTC/USD hit its historic high of $20,000 two cycles ago.
“Bitcoin has spent the last 6.5 years within this upward channel and we do not expect this to change anytime soon,” he confirmed.
“As history has shown us, it is time to take another journey to the top of the Channel. 6-digit Bitcoin is coming.”
This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.