Watch these Bitcoin price levels next as BTC dips 3% in choppy weekend
Bitcoin (BTC) saw fresh volatility on May 6 as low-liquidity weekend trading tested the mettle of its trading range.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD shedding over $1,000, or 3%, in a matter of hours on the day.
The largest cryptocurrency saw livelier conditions typical of weekend trading while remaining unable to exit a broader corridor in place for many weeks.
Amid a lack of ammuniation to either clear $30,000 resistance or drop toward key trend lines near $25,000, BTC/USD frustrated market participants.
“Bitcoin really is in limbo right now and doesn't know what to do .. I am back out of a position and just waiting again for one side of this range to break to re enter,” popular trader Crypto Tony told Twitter followers.
An accompanying chart showed potential targets in the event of a bearish breakdown.
Additional analysis released earlier in the day meanwhile repeated existing predictions of $32,000 coming into play should bullish momentum return.
$BTC / $USD - Update While the attention is all on #Memecoins i am not surprised that we are literally seeing a stagnated #Bitcoin The fun will continue sooner or later as it always does, but for now we plan ahead. A move to the high $32,000 would be perfect pic.twitter.com/m9uI3RmDln
In separate coverage, fellow trader CryptoBullet described the day’s losses as “nothing special.”
“Final dip before the breakout,” part of commentary argued, with a chart presenting BTC/USD in a narrowing wedge with a decision on exit trajectory due.
#Bitcoin $BTC 4h updateNothing special about the current dump, just (e) in the makingFinal dip before the breakout https://t.co/pFw8HX8jNq pic.twitter.com/ko4Q0nlkwE
As ever, longer timeframes were a cause for more
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