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Bitcoin Enters Important Price Phase, What Next for BTC?

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Bitcoin enters the new week approaching important resistance levels as the monthly closing price approaches.

Notably, the Bitcoin price swings are keeping the buyers in suspense as it approaches key resistance levels such as $69,000.

The United States Memorial Day holiday has kept the market relatively quiet and it might remain so till May 28.

However, key economic data will come in to determine if Bitcoin will finish the month of May on a high.

Bitcoin’s price at 7:19 a.m. EST is $68,575 with a slight decrease in the last 24 hours. Bi

Bitcoin Touches $69,000 But Succumbs to Selling Pressure
Bitcoin showed interesting price moves over the weekend rallying to $69,000. However, it retraced after the weekly close back to the $68,000 price level.

An analyst in a post on X, stated that a green weekly close for BTC has met another failed attempt to flip $69,000 to support.

Nevertheless, the analyst believes that a push by the buyers above $71,250 will overcome the $69,000 resistance for good.

Meanwhile, CoinGlass data reveals key areas of liquidity for Bitcoin. According to CoinGlass, $68,100 and $69,800 are vital levels of interest for investors.

Notably,the CEO of MNTrading, Michaël van de Poppe  believes that Bitcoin aims to consolidate at these levels.

Other bullish predictions encourage traders to ignore the low range price dips and hold positions. Another  X post claims that Bitcoin is headed to the $95,000 price range.

Also, popular analyst Daan Crypto trades noted that historical data suggests that the Bitcoin market will favor the bulls.

He noted that long periods of consolidation below all-time highs turned to bullish breakouts in the previous BTC cycles.

What Next for BTC?


BTC/USD Daily Chart | Source: Tradingview.com

Bitcoin is trading in a sideways trend as the buyers and sellers are active in the market. Remarkably, the sellers at the $69,560 forced a price rejection sending BTC back to the $68,143 support.

However, Bitcoin has shown signs of recovery and is approaching the $69,00o price level as the buyers prepare for another rally.

Also, BTC is trading close to the upper band of the Donchian Channel (DC) indicating a possible recovery ahead.

Additionally, the RSI indicator is rising from the neutral zone with a value of 57.24. So, if the RSI indicator rises to 60, then BTC will likely rally above $69,000 in the coming days.

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