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Bitcoin Nears $69,000 as Key Resistance Levels Hold Steady

Bitcoin stayed near key price levels into the May 26 weekly close, with weekend trading centering around $69,000.

Data from Cointelegraph Markets Pro and TradingView showed a strong performance by BTC/USD, which briefly surpassed $69,500 before consolidating.

Despite some market predictions for a weekend upside, resistance zones kept gains in check.

“As price is ranging around ~$69K, there’s some liquidity building up on both sides,” noted popular trader Daan Crypto Trades in his latest analysis on X (formerly Twitter).

“Most notably: $68.3K & $69.8K. Good levels to watch in the short term going into next week.”

An accompanying chart highlighted liquidity concentrations for the BTC/USDT perpetual swaps pair on Binance, the largest global exchange.

Across BTC order books, liquidity was increasing around the spot price, leading to lower volatility but raising the chances of a liquidity raid later.

Keith Alan, co-founder of trading resource Material Indicators, emphasized the importance of turning $69,000 into support.

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“Bitcoin lost $69k again. It’s our strongest and most important resistance level on the chart,” he stated in his latest X post. “I’d like to see a weekly close above $69k to gain some confidence in a measured move to $73k.”

Alan noted that U.S. markets would be closed on May 27 for the Memorial Day holiday.

Regarding resistance, popular trader and analyst Rekt Capital focused on levels above $71,000. Updating X subscribers on BTC price action after the April block subsidy halving, he confirmed that the market had exited the “danger zone” typically seen after such events. However, he warned that bulls are not entirely out of trouble.

“Since the Bitcoin Post-Halving ‘Danger Zone’ ended, Bitcoin broke out to $71500.

“However, ~$71500 is where the Range High resistance of the Macro Re-Accumulation Range is and this is where Bitcoin rejected from,” Rekt Capital explained.

“The consolidation continues, and history suggests it will continue for several more weeks between $60000 and $70000.”

If this happens, the May monthly close could still end in the red, aligning with the trend of the past three years, according to data from monitoring resource CoinGlass.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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