{"id":51142,"date":"2024-06-02T01:05:00","date_gmt":"2024-06-02T01:05:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-best-may-since-2019-3-btc-price-dip"},"modified":"2024-06-02T16:35:13","modified_gmt":"2024-06-02T16:35:13","slug":"bitcoin-just-had-its-best-may-since-2019-despite-predatory-3-btc-price-dip","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51142","title":{"rendered":"Bitcoin just had its best May since 2019 despite 'predatory' 3% BTC price dip"},"content":{"rendered":"

Bitcoin (BTC) traded at $67,500 into June 1 as last-minute BTC price volatility cost bulls a final shot at key resistance.<\/p>\n

BTC\/USD 1-hour chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Bitcoin manages to retain 11% monthly gains<\/h2>\n

Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD flat at the monthly close after recovering from weekly lows.<\/p>\n

These had come courtesy of concerns over a cryptocurrency exchange hack in Japan in addition to \u201cpredatory\u201d moves by traders as the monthly close approached.<\/p>\n

Source: Skew<\/em><\/figcaption><\/figure>\n

United States macroeconomic data in the form of the Personal Consumption Expenditures (PCE) index failed to lift the mood substantially despite narrowly beating expectations, showing inflation to be slowing.<\/p>\n

\u201cPrice has retraced pre PCE price action mostly driven by unwinding into the event itself,\u201d popular trader Skew wrote in an update on X (formerly Twitter) at the time.<\/p>\n

\u201cVery important to see developing market flows from here especially spot flow – Spot bid + demand needed for higher. Lower could see some fomo hedges leading to a trap later.\u201d<\/p><\/blockquote>\n

BTC\/USD monthly returns (screenshot). Source: CoinGlass<\/em><\/figcaption><\/figure>\n

In the event, Bitcoin reversed at around $66,650, delivering a close, which put May monthly gains<\/a> at 11%.<\/p>\n

\u201cBitcoin is consolidating nicely here,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm MNTrading, subsequently summarized.<\/p>\n

\u201cThe markets are in an equilibrium and slowly waking up for further upward momentum. Crucial area to hold at $66K.\u201d<\/p><\/blockquote>\n

BTC\/USD chart. Source:\u00a0Micha\u00ebl van de Poppe\/X<\/em><\/figcaption><\/figure>\n

“Killer whale games” shape BTC price<\/h2>\n

Delving deeper into the latest BTC price behavior, trading resource Material Indicators put the blame for volatility firmly with Bitcoin whales.<\/p>\n

Large-volume traders had played with liquidity into the monthly close, it noted, resulting in a failed attempt to flip $69,000 to support. Earlier, Material Indicators co-founder, Keith Alan, said that doing so in time would be an \u201cepic\u201d end to May.<\/p>\n

\u201cA Killer Whale dropped a brick of Bitcoin ask liquidity on the market and hammered down a wick above $69k. Now, support at $67k is being exploited, and we’ve yet to see any new liquidity come in above $65k,\u201d a post on X explained.<\/p>\n

\u201cThe great shakeout continues.\u201d<\/p><\/blockquote>\n

BTC\/USDT liquidity chart for Binance. Source: Material Indicators\/X<\/em><\/figcaption><\/figure>\n

An accompanying chart showed liquidity levels for the BTC\/USDT pair on largest global exchange Binance, along with volumes from various whale cohorts.<\/p>\n

Alan described the moves as \u201ckiller whale games in action.\u201d<\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) traded at $67,500 into June 1 as last-minute BTC price volatility cost bulls a final shot at key resistance. BTC\/USD 1-hour chart. 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