Bitcoin managed to close the month at around $69K, which is the best May performance closing in the last five years. The market giants were unable to maintain its price above $70K and closed the month below the expected price.
At the time of writing, Bitcoin is trading at a mark of $67649, on the first day of June, as last-minute price volatility prevented bulls from reaching key resistance.
Source: TradingView
Bitcoin Gains 11% in Monthly Closing
Data from TradingView showed that Bitcoin gained 11% after making a recovery from weekly lows.
These concerns were due to a hack of a cryptocurrency exchange in Japan and aggressive trading tactics as the month ended.
The United States macroeconomic data, like the Personal Consumption Expenditures (PCE) index, didn’t significantly boost the mood despite slightly beating expectations and showing that inflation is slowing.
“Price has retraced pre PCE price action, mostly driven by unwinding into the event itself,” famous trader Skew, posted on X
“Very 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.”
Bitcoin’s monthly return rate Source: CoinGlass
By the start of June, Bitcoin price slipped back to $66.661, making the previous main close to a gain of 11%.
“Bitcoin is consolidating nicely here,” the founder and CEO of MNTrading posted on X
“The markets are in an equilibrium and slowly waking up for further upward momentum. Crucial area to hold at $66K.”
Bitcoin’s Market Reacts to “Market Giants Games”
By closely looking at the behavior of Bitcoin price, and reviewing trading resource materials, all are blamed for instability in Bitcoin to market giants.
Large traders manipulated the market’s liquidity as the month ended, causing Bitcoin to fail to turn $69,000 into a support level. Keith Alan, co-founder of Material Indicators, had previously said that achieving this would have been an “epic” finish to May.
“A Killer Whale dropped a brick of Bitcoin, asked for 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,” Material indicators on X.
“killer whale games in action.” Alan posted on X
