Investor psychology fluctuates between rises and falls as Bitcoin begins the new week cautiously maintaining the $60,000 support level. Bitcoin price movement remains tightly bound to a narrow trading range; what could cause a dramatic speed shift? This week might be the most volatile for the crypto market. U.S. macro data combined with comments from Federal Reserve Chairman Jerome Powell could create an explosive period for risk assets.
What’s Happening on the Bitcoin Front?
An almost unnoticed weekly close means Bitcoin is still in familiar territory as the TradFi sessions begin. Data from TradingView shows a lack of volatility in the BTC/USD pair towards the weekend.
Most importantly, since being reclaimed on May 3rd, the $60,000 level has been held, which some see as a support line for the bulls. Commenting on a chart uploaded to X, popular analyst Mark Cullen pointed out that the interest of bidders marks a rising order block just below $60,000, and stated:
“Bitcoin still stands above 60 thousand and the downtrend is breaking. The blue OB will be key in the short term, if we lose it, we revisit the lowest levels and probably much lower. Hold on, and another leg likely to carry liquidity above the peaks at the $64,000 – $67,000 level.”
Cullen added that this week’s macroeconomic data, especially the Consumer Price Index on May 14th, should be very important for Bitcoin price movement. The $60,000 region represents more than simple bids; significant moving averages and other bull market support trend lines converge here.
Famous Figures Weigh in on Bitcoin
Popular trader Daan Crypto Trades noted that the price, called the bull market support band, is still rising and shared the following with his followers over the weekend on X:
“So far, it has provided good support in this and previous bull cycles. Let’s see how it goes from here.”
The support band consists of two exponential moving averages, and the latest data from blockchain data analysis platform CoinGlass shows that a new bid block of $65 million occurred overnight by May 13th around $60,250. Meanwhile, a pending sell liquidity wave above $62,000 is now clearing in the area that could be the next spot price battlefield.
The day before, popular investor Skew suspected that passive spot buying was responsible for the support near $60,000 without testing, and shared the following on X:
“Overall good spot bid depth between $60,000 – $58,000.”
