Leading cryptocurrency Bitcoin (BTC) starts a new week with key resistance as May closes. The transformation of former all-time highs into resistance keeps BTC price action bulls on alert. Could it drop to $69,000 by June?
Macroeconomic Factors in Bitcoin
Macroeconomic catalysts, as always, are heating up in the form of US data pressures, which are a significant focus for crypto and risk assets. Additionally, Bitcoin has its own hurdles to overcome. Consolidation below all-time highs has been ongoing for over two months. Some crypto analysts have optimistic BTC price predictions for 2024, including a six-figure target for the BTC/USD pair. However, concerns about a deeper pullback linger in the background.
Cointelegraph Markets Pro and TradingView data confirmed that Bitcoin experienced a classic weekend price movement by rising above $69,000 but pulled back after the weekly close. Despite the holiday in the US, the cryptocurrency effectively closed the latest gap in the CME Group Bitcoin futures markets.
Analyst’s View on BTC
Popular crypto analyst Daan Crypto Trades likened the cryptocurrency’s movement to a classic weekend pattern. The weekly close around $68.500 was still the strongest since early April.
Commenting on the latest developments, trading source Material Indicators emphasized the need to turn $69,000 into solid support. In a post on X, the analyst from Material Indicators’ proprietary sources said:
BTC had a bullish weekly close, met with another failed attempt to reverse R/S at $69,000 and a new trend Precognition signal on the W chart. For me, breaking above $71,250 is invalid.
