Bitcoin price action shows manipulative moves in monthly close
Bitcoin's monthly close for the month of May has meant a whole world of speculation and nervousness, as while bulls are optimistic about the fabulously positive monthly close, on the other hand, bearish traders are on the lookout for a major pullback in the price action.
Namely, “US macroeconomic data, such as the personal consumption expenditures (PCE) index, failed to lift the mood despite narrowly beating expectations and showing a slowdown in inflation.”
According to Michaël van de Poppe, founder and CEO of trading firm MNTrading, “Markets are in balance and are slowly waking up to continue rising. Crucial zone to hold at USD 66,000.”
Nonetheless, killer whale plays shape BTC price “Delving into the latest BTC price behavior, trading resource Material Indicators firmly places the blame for the volatility on Bitcoin whales.”
In this regard Material Indicators co-founder Keith Alan mentioned that, “A Killer Whale dropped a brick of Bitcoin ask liquidity into the market and hammered a wick above USD 69,000. Now, support at USD 67,000 is being exploited, and we have yet to see any new liquidity above USD 65,000”
SOURCES CONSULTED
Cointelegraph. Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
We might really be going a bit dipper in the next few weeks in Bitcoin before it actually goes up again