Bitcoin price needs to close above $29,450 for its first green weekly candle since March

Bitcoin (BTC), which kept traders guessing until the June 5th weekly close, as BTC price action closely mirrored last weekend’s, was a reason why.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

BTC price traders $300 in gree

TradingView and Cointelegraph Markets Pro data showed that BTC/USD was trading at its May 30 opening level, $300 lower than seven days prior.

The threat of a lower low was still there with hours left before the weekly candle closes. This would make Bitcoin the first cryptocurrency to reach a record number of consecutive “redโ€ weeks.

Traders had mixed views on the possible outcomes.

It is difficult to predict, as it all depends on daily trends and recent highs @ 32k. Gaps larger than 32k are large enough to make it interesting to play. This would be a good weekly close. Indecisive. For example if you see it that way.. story isn’t the same ๐Ÿ™‚ pic.twitter.com/pYRxvEArjJ
— Pierre (@pierre_crypt0) June 4, 2022

Crypto Santa, a popular Twitter account, commented that it looked like BTC would likely see a Weekly close above $28.5k. This would indicate further ranging PA for next week.

Cointelegraph reported that BTC/USD traded in tight ranges throughout the week. This is consistent with the recovery from May’s $23,800 highs.

Crypto Santa pointed out that the United States would soon have inflation data. This will be in the form of the Consumer Price Index (CPI) for May. If inflation is higher than expected, it could cause volatility.

Bloomberg was informed by Jeffrey Rosenberg (senior portfolio manager for systematic multi strategy at BlackRock), that the jury is still out on the inflationary trajectory.

“Until you see the Fed’s number one priority, namely getting inflation down, it is impossible to get them out of their business.” It’s going be very difficult until that happens.

CPI for April was 8.3%. This is compound inflation at levels not seen in the 1980s.

Bitfinex shares concern about “liquidation catastrophe”

Many predicted that Bitcoin would retrace its May lows but one group of traders was conspicuously bullish.

Related: Bitcoin long-term hodlers start ‘distribution’ that preceded BTC’s bottoms

Long bets on Bitcoin continued to rise on Bitfinex’s major exchange Bitfinex over the weekend, reaching new records and confusing analysts.

After the $23,800 trip, the trend picked up significantly. This raises concerns about market fragility if BTC/USD continues to decline.

“This is either going to result in a fantastic pumps…or a liquidation catastrophe,” was a reactionary tweet that Kevin Svenson wrote on June 2.

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https://cointelegraph.com/news/bitcoin-price-needs-to-close-above-29-450-for-its-first-green-weekly-candle-since-march