After hitting weekly highs, TradingView showed Bitcoin (BTC) below $68,000. The US Memorial Day holiday spike to $70,600 was unrelated to institutional demand for spot Bitcoin exchange-traded funds.
Bitcoin’s current advance lasted just a short time before the market retraced. After $7 billion in BTC left Mt. Gox accounts, volatility increased.
“And there is a full retrace of that recent pump as expected,” prominent trader Credible Crypto commented on X (formerly Twitter).
Latest CoinGlass data shows liquidity concentrations around spot price, with $67,000 being the closest point of interest.
Following the last 24 hours, fellow trader Daan Crypto Trades indicated a favorable influence on market structure—leverage elimination.
“All positions entered during yesterday’s move were flushed out and the funding rate is back to neutral,” he stated on X with an open interest chart.
“ETH is stronger, but as long as BTC is within its larger range we’ll see more low-timeframe chop.”
This kept BTC price performance dependent on overcoming major resistance and turning it to support.
