- Bitcoin price is consolidating below all-time highs, with analysts predicting a potential breakout to around $95,000 in June or a retracement to $60,000
- Key economic data releases from the US this week, including the PCE inflation report, could impact risk assets like Bitcoin
- Bitcoin whales have been actively accumulating during the current consolidation phase, reaching record levels of BTC held by whale addresses
Bitcoin heads into the final days of May still struggling to break decisively above $69,000 resistance. After a quiet weekend, focus now turns to upcoming US economic data and whether it can provide the spark needed for Bitcoin to exit its current trading range.
BTC Price Action Fails to Flip Resistance to Support
Bitcoin saw typical weekend price action, briefly rising above $69,000 but pulling back after the weekly close. In doing so, it filled the latest gap in CME futures markets. The weekly close around $68,500 was Bitcoin’s strongest since early April. For bulls, the key test remains turning $69,000 into solid support.
Breakout or Breakdown?
With Bitcoin stuck in its current range, the big question is where it heads next after finally breaking out. Some analysts point to historical patterns suggesting an upside breakout and continuation of the bull market. Others believe a larger correction, potentially to $60,000 or below, may still need to play out first.
Bitcoin Halving Remains a Key Longer-Term Catalyst
According to popular analyst Rekt Capital, the latest Bitcoin halving remains an important driver of future price appreciation. Bitcoin is still in a post-halving reaccumulation phase, with upside likely once consolidation completes. For the next “parabolic phase” of this cycle, Rekt Capital sees $150,000 as a potential target.
Macroeconomic Data Returns to Set the Tone
After a quiet US holiday weekend, the days ahead bring key economic data that could impact Bitcoin and broader risk asset sentiment. Friday’s PCE inflation data will draw particular focus as the Fed‘s preferred gauge. With stocks continuing to hit record highs, the mood around inflation remains cautious but risk-on for now.
Whales Stay Active Buying the Dip
Bitcoin whales have been actively buying during the rangebound price action below $69,000. According to on-chain data, whales now hold nearly half a million BTC, the most on record. Their strong accumulation suggests continued confidence in Bitcoin’s long-term upside.
Conclusion
As May draws to a close, Bitcoin remains stuck below key resistance. But with whales buying aggressively and analysts eyeing a bullish breakout, the coming weeks could prove decisive in determining if new highs are still ahead. Upcoming economic data and whether $69,000 flips to support will be critical factors to watch.
