Forget surpassing $70,000 this week, a well-known analyst predicts Bitcoin (BTC) might be stuck sideways for a while. Bitcoin price research shows a period of consolidation, indicating market uncertainty as traders monitor the situation.
The price hovered around $69,000 this weekend, struggling to break through that basic level. Weekend trading typically sees less activity, which may explain the lack of upward momentum.
Experts have been hanging close tabs on liquidity levels, where large buy and sell orders are severe. These can act as support or resistance, and they appear to be keeping Bitcoin in check at around $69,000.
Some analysts believe a weekly close above $69,000 would be a good sign, but that might have to wait until after the U.S. Memorial Day holiday on May 27th.
Moving in advance, several analysts predict a consolidation period lasting weeks, potentially keeping Bitcoin stuck between $60,000 and $70,000. Such could even lead to a negative close for May, as has been the trend for the past three years.