Bitcoin Price Must Close Above $29,450 For Its First Green Weekly Candle Since March

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Bitcoin (BTC) kept traders guessing at the June 5 weekly close as BTC price action closely mimicked last weekend.

BTC/USD 1 week candle chart (Bitstamp). Source: Trading View

BTC $300 price traders in the gree

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hovering around its May 30 opening level at the time of writing, just $300 higher than seven days ago.

With hours until the weekly candle closes, the pair therefore retained the threat of sealing another lower low. This would take Bitcoin to a new all-time high in terms of consecutive “red” weeks.

When discussing the potential results, traders had mixed opinions.

“It looks like BTC is likely to get a weekly close above $28.5,000, which would imply a wider PA for the week ahead,” popular Crypto Santa Twitter account added in today’s comments.

As Cointelegraph reported, BTC/USD continued to trade in a narrow range throughout the week, this in place since recovering from May’s lows of $23,800.

Crypto Santa noted that inflation data from the United States is expected in the coming days, this taking the form of the Consumer Price Index (CPI) reading for May, which could trigger some pressure. volatility if inflation turns out to exceed already high expectations.

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

“You can’t really stop the Fed from focusing on the number one priority – getting inflation down – until you start to see that definitely show up. Until that happens, it’s going to be a very hard. “

April’s CPI came in at 8.3%, pushing inflation already to levels not seen since the early 1980s.

Bitfinex aspires to raise fears of a “liquidation disaster”

While many predicted that Bitcoin would eventually retrace to May lows, a cohort of traders remained conspicuously bullish.

Related: Long-Term Bitcoin Hodlers Begin “Distribution” That Preceded BTC Price Lows

On major exchange Bitfinex, long bets on BTC continued to climb over the weekend, hitting new highs and confusing analysts.

The trend accelerated markedly after the trip to $23,800, raising concerns that a sell-off event could add to market fragility if BTC/USD reverses.

“This will either result in a fantastic pump…or a liquidation disaster,” part of a reactionary tweet from commentator Kevin Svenson Lily June 2.

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

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