Bitcoin Price Must Set Above $ 29,450 For First Green Candle Weekly From March

Bitcoin (BTC) kept traders on the sidelines until the weekly close on June 5, with BTC prices closely replicating last weekend’s prices.

BTC price is trading $ 300 higher

Data from Cointelegraph Markets Pro and TradingView show that the BTC / USD pair is hovering around its May 30 opening level at the time of this writing, which is $ 300 higher than seven days ago.

Hours away from closing the weekly candle, the pair thus kept the threat of sealing a new level lower. This would take bitcoin to a new all-time high in terms of consecutive red weeks.

In discussing the possible results, traders had mixed opinions.

Very hard to tell, again about all the daily trends and the recent highs add @ 32k.

Gaps above are big enough to be interesting even to play> 32.

Closing like this for the week would be nice … Indecisive.

For example if you see it that way .. it’s not the same 🙂 pic.twitter.com/pYRxvEArjJ

– Pierre (@ pierre_crypt0) June 4, 2022

Very hard to say, again it all depends on the daily trend and the recent highs at $ 32,000. The gaps above are large enough to be worth playing over $ 32,000. A closure like this for the week would be enough … Undecided. For example if you see it like this … it’s not the same 🙂 pic.twitter.com/pYRxvEArjJ – Pierre (@ pierre_crypt0) June 4, 2022

“BTC looks set to receive a weekly close of over $ 28,500, giving PA another range for the coming week,” he said. added the famous Twitter account Crypto Santa in comments of the day.

As Cointelegraph reported, the BTC / USD pair continued to trade in a tight range during the week, this has been in effect since a rally since May at $ 23,800.

Crypto Santa reported that US inflation data is due in the coming days, in the form of the Consumer Price Index (CPI) for May, which could trigger volatility if inflation proved to be higher. than already high expectations.

“The verdict is still out on the inflation path,” Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at asset management giant BlackRock, told Bloomberg.

“You can’t really put nutrition to focus on the top priority – reducing inflation – until you really start to see clearly. Until then, times will be very difficult. ”

April CPI came in at 8.3%, contributing to not-so-high inflation since the early 1980s.

Bitfinex long sites raise fears of ‘catastrophic liquidation’

While many predicted that bitcoin would eventually fall back to its low in May, a cohort of traders remained optimistic.

Read also: Long-Term Bitcoin Holders Initiate “Capitalization” That Came Before BTC Price Rises

On the Bitfinex exchange, long-term bets on BTC continued to climb over the weekend, hitting new highs and creating confusion among analysts.

The trend accelerated significantly after the move to $ 23,800, raising concerns that a liquidation event could exacerbate market vulnerability if the BTC / USD pair reverses its offspring.

“This will result in a great upside… or a disastrous sale,” read comment tweeted by commentator Kevin Svenson on June 2.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trading stocks carry risk. You should do your own research before making a decision.