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Bitcoin is facing renewed calls for a supply shock as reserves on exchanges fall to a seven-year low, and BTC price action is focusing on recent resistance.
Making a strong start to the new week, Bitcoin returned to the $67,000 level along with traditional finance (TradFi) markets. The largest cryptocurrency is trying to re-approach the recent resistance around the all-time highs of $69,000 and $73,800.
The main agenda of market participants is whether Bitcoin can reach these levels in the coming days and whether various factors can contribute to a positive continuity. Signs from US economic policy, the Federal Reserve’s announcement of the minutes of its May meeting, and the expectation of US unemployment data are among these factors.
When it comes to BTC price action, traders are increasingly confident that a local bottom has arrived and an upward move will follow two months of consolidation. Meanwhile, while prices are rising, sentiment remains lower than at its March peak.
Bitcoin Bulls Keep Pressure Below All-Time Highs
Bitcoin certainly appears to be back in action this week, returning to the $67,000 level during the Asian session, according to data from Cointelegraph Markets Pro and TradingView. This short-term weakness was accompanied by geopolitical uncertainty from Iran, but markets quickly forgot about it, with BTC/USD maintaining its 10% gain in May.
Latest data from CoinGlass shows that the immediate upper resistance level is just below $68,000. Additional data shared on X (formerly Twitter) by IT Tech, a contributor to on-chain analysis platform CryptoQuant, shows liquidation levels around the spot price. Commenting on the recent BTC price movements, market participants were in a positive mood.
“BTC weekly close is very nice. First Bullish engulfing candle since October 2023,” popular trader Crypto Damus noted. Crypto Damus highlighted that last week’s candle closed at $66,210, erasing previous losses. Michaël van de Poppe, founder and CEO of MNTrading, reiterated his thoughts that Bitcoin is on a steady path towards new highs.
“Bitcoin is likely to continue moving in this range. I don’t expect major volatility,” X told subscribers over the weekend. “Instead, I expect consolidation and slow upward moves, towards new all-time highs.”
Van de Poppe added that he expects altcoins to “perform better” during this period, as they suffered more losses during Bitcoin’s consolidation period. “Slow upward movement, gradually accelerating towards a vertical move in Q3/Q4,” he predicted in another post. However, as Cointelegraph reported, not everyone shares these views. Over the weekend, trader and commentator Credible Crypto put forward a belief that BTC/USD should reach $60,000 or below.
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