For bullish analysts to the extent that Bitcoin price action makes range near the $70,000 level is a good sign of strength, additionally an element in favor is that the Bitcoin was marking a strong pace in recent weeks which suggests that we are close to a restart of the uptrend that can take us to record highs.
In the most recent article reported by columnist William Suberg, “Bitcoin begins a new week pressing key resistances as the May monthly close approaches. BTC's price action keeps bulls on their toes as old all-time highs prove difficult to turn into resistance.”
It has been mentioned that, “A quiet start to the week has the U.S. Memorial Day holiday keeping institutional activity off the table until May 28. However, macro catalysts are watching for US data releases, which, as always, are a key focus for cryptocurrencies and risk assets”
On the other hand, it is of note that BTC price action reaches the key USD 69,000 level and that “Bitcoin saw a classic streak of price action over the weekend, heading above USD 69,000 but pulling back after the weekly close.”
In reference to one of Material Indicators' proprietary trading tools, “A green weekly close for BTC is met with another failed attempt to break above the USD 69,000 level and a new (bearish) Trend Precognition signal on the weekly chart”
SOURCES CONSULTED
Cointelegraph. BTC price preps 'most parabolic phase' — 5 things to know in Bitcoin this week. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
