Bitcoin (BTC) saw a downturn, dropping to $67,500 by June 1, missing a chance for a breakthrough at a crucial resistance level due to last-minute price volatility.
Despite positive U.S. macroeconomic data, particularly the Personal Consumption Expenditures (PCE) index showing a slowdown in inflation, investor sentiment wasn’t significantly buoyed.
Popular trader Skew noted that the price retraced before the PCE announcement, largely due to investors unwinding their positions ahead of the event. He highlighted the importance of market flows, particularly spot bids and demand, for any potential upward movement.
Bitcoin’s price reversed around $66,650, closing the month of May with an 11% gain, prompting Michaël van de Poppe to comment on the consolidation phase and the need to maintain support at $66,000 for further upward momentum.
Material Indicators attributed the volatility to Bitcoin whales, noting that large-volume traders manipulated liquidity around the monthly close, failing to establish $69,000 as support. Keith Alan of Material Indicators described the situation as “killer whale games in action,” with liquidity levels on Binance’s
BTC/USDT pair indicating ongoing market manipulation.
Overall, the market experienced turbulence with whales exploiting support levels, indicating ongoing uncertainty and potential for further downside.
June 2024, Cryptoniteuae
