Bitcoin risks ‘new lows’ into monthly close as BTC price retests $27K
Bitcoin (BTC) tested $27,000 on May 31 as weakness prevailed into the monthly close.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to lose momentum after local highs near $28,500.
As early-week excitement faded, traders and analysts warned that now was a make-or-break point for the short-term trend.
“Crucial area approaching here for Bitcoin and dipped into it,” Michaël van de Poppe, founder and CEO of trading firm Eight, summarized.
Trader Skew added that spot buy liquidity on the largest global exchange, Binance, had been taken, with a reversal now required to avoid a retest of the 200-week moving average (MA).
This had functioned as earlier support at just above $26,000.
$BTC Binance Spot and walls filled now lol strength is what you want to see now else straight back to 200W MA https://t.co/u930TJ1E9V pic.twitter.com/D2XsU6mrk8
Skew further noted that BTC/USD was testing several exponential MAs on the day in a "pretty important" performance.
Continuing on the Binance order book, monitoring resource Material Indicators had some predictions for how the monthly close could play out.
“For the most part, Bitcoin liquidity changes in the order book have been pretty subtle today, but by zooming out a little wider we can see ask liquid from the $31k - $32k range is dropping in closer to the active trading zone while bid liquidity has been laddered down, then adjusted slightly,” it told Twitter followers.
Offering some hope in the event of upside returning, meanwhile, popular analyst Philip Swift noted liquidity lying in wait above $30,000.
Related: Mining difficulty passes 50 trillion — 5 things to know in Bitcoin this week
Swift, creator of on-chain analytics site LookIntoBitcoin and
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