BTC price experiences volatile moves as the month ends, with Bitcoin bulls missing out on a crucial resistance breakthrough.
Bitcoin
BTC
is trading at $67,500 as of June 1, with last-minute price fluctuations costing bulls a chance to overcome a significant resistance level.
Bitcoin Maintains 11% Monthly Growth
These lows were prompted by concerns surrounding a cryptocurrency exchange hack in Japan and manipulative actions by traders as the month came to a close.
Despite narrowly exceeding expectations, macroeconomic data from the United States, particularly the Personal Consumption Expenditures (PCE) index, failed to significantly boost market sentiment, indicating a slowdown in inflation.
“Price has retraced pre PCE price action mostly driven by unwinding into the event itself,” noted popular trader Skew in an update on X (formerly Twitter) at the time.
“It is crucial to observe the evolving market flows from here, especially spot flow – an increase in spot bids and demand is necessary for further upward movement. Conversely, a decline could trigger fear of missing out (FOMO) hedges, potentially leading to a trap later.”
Ultimately, Bitcoin reversed its trajectory around $66,650, resulting in a monthly gain of 11% for May.
“Bitcoin is consolidating nicely at this level,” summarized Michaël van de Poppe, founder and CEO of trading firm MNTrading. “The markets are in balance and gradually gearing up for further upward momentum. Maintaining the $66K level is crucial.”
BTC Price Influenced by Large Players
Analyzing the recent BTC price fluctuations, trading resource Material Indicators attributes the volatility primarily to Bitcoin whales, who are exerting significant influence on the market.
Summary Review: Despite facing challenges such as price manipulation and macroeconomic uncertainties, Bitcoin emerged with its strongest May performance since 2019, showcasing resilience and maintaining double-digit monthly gains. The market remains cautiously optimistic, with key players closely monitoring developments for potential further upward momentum.
Disclaimer: Remember that nothing in this article and everything under the responsibility of Web30 News should be interpreted as financial advice. The information provided is for entertainment and educational purposes only. Investing in cryptocurrency involves inherent risks and potential investors should be aware that capital is at risk and returns are never guaranteed. It is imperative that you conduct thorough research and consult with a qualified financial advisor before making any investment decision.
