Bitcoin price needs to close above $29,450 for its first green weekly candle since March

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Bitcoin price needs to close above $29,450 for its first green weekly candle since March
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Bitcoin (BTC) kept traders guessing until the weekly close on June 5, as BTC price action was very similar to last weekend.

BTC/USD 1-week candlestick (Bitstamp). Source: TradingView

BTC price traders $300 in Gree

Data from Cointelegraph Markets Pro and TradingView shows that, at the time of writing, BTC/USD is hovering around its May 30 opening, just $300 higher than it was seven days earlier.

The pair thus retains the threat of closing another lower low a few hours before the weekly candle closes. This would set Bitcoin to a new record for consecutive “red” weeks.

Traders were divided when discussing potential outcomes.

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“It looks like BTC’s weekly close is likely to exceed $28,500, implying a further expansion of the PA range in the coming week,” popular Twitter account Crypto Santa added in comments of the day.

As Cointelegraph reported, BTC/USD continued to trade in a tight range throughout the week, which has been in place since the rally from the $23,800 low in May.

Crypto Santa noted that U.S. inflation data will be released in the coming days in the form of consumer price index (CPI) readings for May, which could spark volatility if it shows higher inflation than already high expectations.

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

“You can’t really get the Fed out of its job of focusing on the number one priority — lowering inflation — until you really start seeing that clearly manifest. Until then, it’s going to be a very tough time.”

The April CPI figure came in at 8.3%, putting inflation at its highest level since the early 1980s.

Bitfinex bulls raise fears of ‘liquidation disaster’

While many are predicting that Bitcoin will eventually revisit its May lows, a group of traders remains clearly bullish.

Related: Bitcoin Long-Term Holders Begin ‘Distribution’ Before BTC Price Bottoms

On major exchange Bitfinex, long bets on BTC climbed over the weekend, hitting record highs and causing confusion among analysts.

After reaching $23,800, the trend accelerated significantly, leading to concerns that a liquidation event could increase the market’s vulnerability if BTC/USD reverses lower.

Commentator Kevin Svenson wrote in a reactionary tweet on June 2: “This will either lead to a stunning pump…or a liquidation disaster.”

The views and opinions expressed herein are those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk and you should do your own research when making a decision.





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