Bitcoin misses key resistance flip as BTC price falls below $68K

(Coin Telegraph)-29/05/2024

BTC price action shows sensitivity to Mt. Gox events, leaving $69,000 unclaimed as new support — to the frustration of Bitcoin bulls.

 saw four-day lows into the May 28 Wall Street open after holiday BTC price action deceived bulls.

Bitcoin wobbles on Mt. Gox fund movements

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering below $68,000 after spiking to weekly highs.

The trip to $70,600 during the Memorial Day holiday in the United States came without institutional involvement, for example in the form of demand for the spot Bitcoin exchange-traded funds (ETFs).

Despite rapidly gaining momentum, Bitcoin’s latest rally failed to endure for long before the market retraced all of its progress.

The volatility came amid new movement of BTC worth $7 billion from wallets linked to defunct exchange Mt. Gox.

“And there is a full retrace of that recent pump as expected,” popular trader Credible Crypto wrote in part of his ongoing commentary on X (formerly Twitter).

“Let’s see what kind of reaction we get here at the lows.”

The latest data from monitoring resource CoinGlass highlighted liquidity concentrations around spot price, with the area around $67,000 now the nearest point of interest below.

Responding to the past 24 hours’ moves, fellow trader Daan Crypto Trades revealed a positive impact on market structure — a removal of leverage.

“All positions entered during yesterday’s move were flushed out and the funding rate is back to neutral,” he wrote on X alongside a chart of open interest data.

“ETH is a bit stronger still but as long as BTC is within its bigger range we’ll keep seeing more of this low timeframe chop.”

BTC price performance thus continued to hinge on overcoming key resistance and flipping it to support.

Bullish BTC price visions unfazed

As Cointelegraph reported, the greatest challenge remains the 2021 all-time highs of $69,000 and the subsequent trip to $73,800 this year.

Zooming out, popular trader Jelle revealed a mere consolidatory structure on monthly timeframes despite the lack of upward momentum since March.

In a further post, he considered a broader BTC price range in place all the way since mid-2017 — when BTC/USD hit historical all-time highs of $20,000 two cycles ago.

“Bitcoin has spent the past 6.5 years inside this rising channel, and I don’t expect that to change anytime soon,” he confirmed.

“If history is any indication, it’s time for another trip towards the highs of the channel. 6-figure Bitcoin is coming.”