Bitcoin (BTC) is facing resistance above $70,000, with analysts predicting several more weeks of consolidation before a breakout.Liquidity is building up on both sides of the $69,000 level, with BTC briefly passing $69,500 before retreating. The $69,000 resistance level is considered crucial for bulls, with analysts suggesting a weekly close above it could trigger a move towards $73,000. However, the market is still cautious, with resistance around $71,500 posing a challenge. Historical data suggests consolidation between $60,000 and $70,000 could continue for several more weeks.
Key Points:
Bitcoin price may continue to consolidate below $70,000 for several more weeks.
Liquidity is building up around $69,000, a key resistance level.
Breaking $69,000 could lead to a move towards $73,000.
Resistance around $71,500 remains a challenge.
Historical data suggests consolidation between $60,000 and $70,000 could continue.
The May monthly close could potentially fall in line with previous years, closing red.
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