Bitcoin (BTC) was trading at $67,500 on June 1 as last-minute price volatility hindered bulls from reaching key resistance levels.
BTC/USD 1-hour chart. Source: TradingView
Despite concerns over a cryptocurrency exchange hack in Japan and “predatory” moves by traders leading up to the monthly close, Bitcoin managed to retain its 11% monthly gains, according to data from Cointelegraph Markets Pro and TradingView.
Source: Skew
The Personal Consumption Expenditures (PCE) index, a macroeconomic indicator in the United States, failed to significantly improve market sentiment despite narrowly surpassing expectations and indicating a slowing inflation rate. Popular trader Skew noted that the price retraced before the release of the PCE data, primarily due to unwinding positions.
BTC/USD monthly returns (screenshot). Source: CoinGlass
Bitcoin reversed at around $66,650 during the event, resulting in a monthly gain of 11% for May. Michaël van de Poppe, founder and CEO of trading firm MNTrading, described Bitcoin’s consolidation as favorable.
BTC/USD chart. Source: Michaël van de Poppe/X
Material Indicators, a trading resource, attributed the recent BTC price volatility to Bitcoin whales. The resource pointed out that large-volume traders manipulated liquidity leading up to the monthly close, resulting in an unsuccessful attempt to establish $69,000 as support. Keith Alan, co-founder of Material Indicators, referred to this action as “killer whale games.”
BTC/USDT liquidity chart for Binance. Source: Material Indicators/X
Alan explained that a killer whale dumped a large amount of Bitcoin on the market, causing a spike above $69,000. Currently, support at $67,000 is being exploited, and there is a lack of new liquidity above $65,000.
This article does not provide investment advice or recommendations. Readers should conduct their own research before making any investment or trading decisions as all investments involve risk.