Bitcoin continues to range after BTC price stages another failed breakout past $70,000.
BTC price action shows sensitivity to Mt. Gox events, leaving $69,000 unclaimed as new support — to the frustration of Bitcoin bulls.The trip to $70,600 during the Memorial Day holiday in the United States came without institutional involvement, for example in the form of demand for the spot Bitcoin exchange-traded funds .
Despite rapidly gaining momentum, Bitcoin’s latest rally failed to endure for long before the market retraced all of its progress.“And there is a full retrace of that recent pump as expected,” popular trader Credible Crypto wrote in part of hisResponding to the past 24 hours’ moves, fellow trader Daan Crypto Trades revealed a positive impact on market structure — a removal of leverage.
Zooming out, popular trader Jelle revealed a mere consolidatory structure on monthly timeframes despite the lack of upward momentum since March., he considered a broader BTC price range in place all the way since mid-2017 — when BTC/USD hit historical all-time highs of $20,000 two cycles ago. “Bitcoin has spent the past 6.5 years inside this rising channel, and I don't expect that to change anytime soon,” he confirmed.
“If history is any indication, it's time for another trip towards the highs of the channel. 6-figure Bitcoin is coming.”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.BTC price preps 'most parabolic phase' — 5 things to know in Bitcoin this week
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