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

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


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

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

BTC price traders $300 in the gree

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

With hours to go before the weekly candle closed, the pair thus retained the threat of sealing yet another lower low. This would take Bitcoin to a new record in terms of consecutive “red” weeks.

Discussing the potential outcomes, traders had mixed opinions.

“Looks like BTC will likely get a Weekly close above $28.5k, which would imply further ranging PA for the upcoming week,” popular Twitter account Crypto Santa added in comments on the day. 

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

Crypto Santa noted that United States inflation data was due in the coming days, this taking the form of the consumer price index (CPI) readout for May which could spark volatility should inflation be shown to be running above already high expectations.

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

“You can’t really get the Fed out of the business of focusing on the number one priority — of getting inflation down — until you really start to see that definitively show up. Until that happens, it’s going to be a very tough time.”

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

Bitfinex longs raise fear of “liquidation disaster”

While many predicted that Bitcoin would ultimately revisit the May lows, one cohort of traders stayed conspicuously bullish.

Related: Bitcoin long-term hodlers begin ‘distribution’ which preceded BTC price bottoms

On major exchange Bitfinex, long bets on BTC kept climbing over the weekend, reaching new record highs and causing confusion from analysts.

The trend accelerated markedly after the trip to $23,800, leading to concerns that a liquidation event could add to market fragility should BTC/USD reverse downhill.

“This is either gonna result in a fantastic pump … or a liquidation disaster,” part of a reactionary tweet by commentator Kevin Svenson read on 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.