Bitcoin (BTC) kept traders guessing at the weekly close on June 5 as BTC’s price action closely mimicked last weekend.
BTC price is trading $300 in the green
Data from Cointelegraph Markets Pro and TradingView showed the BTC/USD pair hovering around its May 30 opening level at the time of writing, just $300 higher than it was seven days ago.
In the absence of hours for the closing of the weekly candle, the pair thus maintained the threat of sealing another lower low. This would take Bitcoin to a new record in terms of consecutive “red” weeks.
When discussing the possible outcomes, traders had mixed opinions.
Very hard to tell, again all about daily trend and the recent highs put @ 32k.
Gaps above big enough to be interesting to play even > 32.
A close like this for the weekly would be pretty… Indecisive.
For example if you see it that way… story isn’t the same 🙂 pic.twitter.com/pYRxvEArjJ
— Pierre (@pierre_crypt0) June 4, 2022
Very hard to say, again all about the daily trend and the recent highs put in at $32,000.
Gaps above big enough to be interesting to play even at > 32.
Such a close for the weekly would be quite… Indecisive.
For example if you see it like this… the story is not the same 🙂
“Looks like BTC will likely get a weekly close above $28,500, which would imply more range PAs for next week,” added the popular Crypto Santa Twitter account in the comments of the day.
As Cointelegraph reported, the BTC/USD pair continued to trade in a tight range on the week, this in place since recovering from the lows of $23,800 in May.
Crypto Santa noted that US inflation data is expected in the coming days, in the form of the Consumer Price Index (CPI) reading for May, which could spark volatility if inflation comes in above expectations. already high.
Jeffrey Rosenberg, systematic multi-strategy portfolio manager at asset management giant BlackRock, told Bloomberg: “The jury is still out on the path of inflation.”
“You can’t get the Fed to stop focusing on priority number one — bringing down inflation — until you start to see that definitely. Until that happens, it’s going to be a very tough time.”
April’s CPI stood at 8.3%, aggravating inflation not seen since the early 1980s.
Bitfinex long contracts raise fears of a “liquidation disaster”
Although many predicted that Bitcoin would eventually return to the May lows, a number of traders remained visibly bullish.
On major exchange Bitfinex, long bets on BTC continued to rise over the weekend, reaching new all-time highs and causing analyst confusion.
The trend notably accelerated after the trip to $23,800, leading to concerns that a sell-off event could add fragility to the market should the BTC/USD pair reverse lower.
“This is going to result in either a fantastic bomb…or liquidation disaster,” He said part of a reactionary tweet by commentator Kevin Svenson on June 2.
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