Autor Cointelegraph By William Suberg

Bitcoin (BTC) circled $73,500 on Sunday as bulls stared down 3% BTC price losses for May.Key points:Bitcoin looks set to end May “in the red” as the monthly candle close nears.US labor-market data will form the key volatility catalyst for risk assets next week.Bitcoin analysis says that $73,000 is the key line to watch for the monthly close.Bitcoin eyes “red” May ahead of key US PMI dataData from TradingView followed a quiet weekend for BTC/USD, which remained wedged under 2025 yearly lows.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewUS stocks finished the week with new all-time highs, but Bitcoin failed to catch a tailwind from easing geopolitical tensions, notably progress on a US-Iran ceasefire.Commenting on X, trading resource The Kobeissi Letter quoted US President Donald Trump as saying that he was “in no hurry” to get an Iran deal finalized.Looking ahead, it added, the coming week would be “all about the labor market,” with US employment data forming a potential source of crypto and risk-asset volatility.That would include the May print of the Institute for Supply Management (ISM) Manufacturing Purchasing Managers’ Index (PMI) — a yardstick for economic output that offered BTC price action some relief in recent months.“If bitcoin still continues to follow growth & risk appetite, it needs to reprice higher from here IMO,” Andre Dragosch, European head of research at crypto asset manager Bitwise, argued on X following recent PMI data.US manufacturing PMI data (screenshot). Source: ISMAnalyst hopes for BTC price monthly close above $73,000With BTC/USD down by just over 3% month-to-date, per data from CoinGlass, traders were mostly unimpressed.Related: Bitcoin analysis eyes sharp rebound after BTC collapses below M2 supply ‘fair value’BTC/USD monthly returns (screenshot). Source: CoinGlass“At the moment, the $BTC retest of $73k has been successful despite recent downside volatility,” trader and analyst Rekt Capital wrote in his latest X analysis.“If Bitcoin manages to Weekly Close above $73k then price will be one step closer to confirming the Double Bottom breakout & be positioned to try to trend continue.”Rekt Capital referred to a “W”-shaped bottom formation on the weekly chart that formed from late February onward.BTC/USD one-week chart with double bottom. Source: Cointelegraph/TradingViewWith various key trend lines nearby, trader Daan Crypto Trades saw the macro range staying in play for the foreseeable future.“$BTC Trading at its bull market support band after a failed retest the past few weeks. The Weekly 200MA & EMA are still moving up and closing in on price as well,” he told X followers. “With all these big high timeframe weekly levels around this area, I would not be surprised to see us trade between $60K-$80K for quite a while.”BTC/USD one-week chart. Source: Daan Crypto Trades/XAs Cointelegraph reported, the price was no longer due short-term targets formed by “gaps” in CME Group’s Bitcoin futures, with these now trading 24 hours per day.

Bitcoin (BTC) deepened six-week lows at Friday’s Wall Street open as US stock markets diverged to all-time highs.Key points:Bitcoin sinks closer to $72,000 as analysis eyes “crucial” BTC price levels.US-Iran ceasefire talks send stocks to even higher records as the crypto divergence continues.Bitcoin’s 100-day moving average gains significance as a battleground for bulls.BTC price analysis sees “crucial” range now in playData from TradingView showed BTC/USD dropping to $72,395 on Bitstamp to start the US TradFi trading session.BTC/USD one-day chart. Source: Cointelegraph/TradingViewContinuing a losing streak from recent weeks, the pair again saw downside pressure, even as stocks surged further into price discovery.The S&P 500 started Friday with new record highs, while the Dow Jones Industrial Average did likewise.S&P 500 vs. Dow Jones one-hour chart. Source: Cointelegraph/TradingViewAnticipation of a lasting ceasefire between the US and Iran drove the momentum, even as military strikes continued.Commenting, trader and analyst Michaël van de Poppe argued that geopolitical changes could still save the Bitcoin price trend.“Bitcoin is about to collapse to lows, if this level of support doesn’t hold. That’s just the reality,” he wrote in a post on X. “Anything between $72,000-74,000 is crucial and could be the end of the correction, especially if Trump comes with a new deal — > rates go down — > oil goes down — > risk-on assets (especially crypto) go higher.”BTC/USDT one-day chart. Source: Michaël van de Poppe/XVan de Poppe suggested that $77,000 was the line in the sand to start the “next leg upwards.”“If that doesn’t happen, then we’re about to witness another leg towards the lows and probably new lows on the altcoin markets,” he added.Weekly close tipped to see extra volatilityContinuing the general sense of caution among Bitcoin market participants, trading account CGT Trader warned that BTC long positions could face liquidation next.Related: Bitcoin bids farewell to CME futures gaps with $67K still on radar“Long squeeze loading …. Price continues to range while funding stays heavily positive and open interest keeps declining. That usually suggests the market is still leaning aggressively long, even as some participants are already closing positions and derisking,” an X post read. “At the same time, spot volume continues to fade, which points toward underlying weakness. Given these conditions, a long squeeze looks increasingly likely.”Binance BTC/USDT futures order-book data. Source: CGT Trader/XData from CoinGlass showed the total 24-hour cross-crypto liquidations passing $200 million at the time of writing.Crypto liquidation history (screenshot). Source: CoinGlassLooking ahead, trading resource Material Indicators told followers to “expect volatility” on Bitcoin as Sunday’s joint daily, weekly and monthly close approached.“We have a cluster of liquidations around $76k and a developing H & S pattern that could take price down to the Q2 Timescape R/S Levels in the$68k – $69k range,” it noted, referring to data from its proprietary trading tools. “The big tells will be whether bulls can rally from the 100 DMA, and how Weekly RSI is trending after the W close.”BTC/USD one-hour chart with 100-day SMA. Source: Cointelegraph/TradingViewMaterial Indicators referenced the 100-day simple moving average, currently at $72,972.

Bitcoin (BTC) has created its last classic price magnet as a staple chart feature disappears forever.Key points:Bitcoin is set to lose popular short-term price targets as CME Group’s futures market goes 24-hour.CME futures gaps will no longer be created over weekends.Several open gaps still remain on the chart, with the lowest near $67,000.Bitcoin futures gaps to disappear permanentlyStarting on Friday, CME Group’s Bitcoin futures market will trade 24 hours a day, seven days a week, ending the phenomenon of futures “gaps.”Futures trading on a 24-hour basis was announced in February. “Client demand for risk management in the digital asset market is at an all-time high, driving a record $3 trillion in notional volume across our Cryptocurrency futures and options in 2025,” Tim McCourt, CME’s global head of equities, FX and alternative products, said in a press release at the time.CME Bitcoin futures one-hour chart. Source: Cointelegraph/TradingViewThe result of the change is that weekends will not generate discrepancies between the end of one futures trading week and the start of another.These have often resulted in a “gap” opening up in the market, with BTC/USD subsequently attempting to “fill” it by rising or falling once the new week begins. How long the process takes can vary, with some gaps staying unfilled for months or more.Commenting, trader Daan Crypto Trades flagged three nearby gaps remaining, both above and below price.“Closed last weekend’s CME gap and is now trading in the big area between the other few remaining gaps,” he told X followers in a post on Thursday. “This weekend, 24/7 trading starts for the Bitcoin CME futures so there won’t be any new gaps created anymore going forward. The ones left standing will of course still sit there on the chart.”CME Bitcoin futures four-hour chart. Source: Daan Crypto Trades/XThe lowest gap still in play lies at just above $67,000 — a level last seen in early April.Whales give mixed outlook for BTC price actionElsewhere in trading circles, commentators are eyeing shifting trends on major exchange Bitfinex.Related: Bitcoin analysis eyes sharp rebound after BTC collapses below M2 supply ‘fair value’In particular, the platform’s large-volume traders, or whales, could be pointing the way to renewed BTC price strength.“Bitfinex whales’ short positions in $BTC are shrinking further. Their short-term bearish bets are decreasing,” trader CW reported on X. CW added that a “new uptrend could be beginning” based on whales’ stagnating long exposure, but subsequently showed that they were still adding positions.Bitfinex BTC/USD long positions. Source: CW/XEarlier, Bitfinex research flagged missing ingredients to support a full bullish trend reversal for Bitcoin.

Bitcoin (BTC) fell back below $75,000 at Wednesday’s Wall Street open as relief over a US-Iran peace deal bypassed crypto.Key points:Bitcoin continues to diverge from US stocks despite good news over the US-Iran war.BTC price action instead trends lower with oil amid improving odds of the Strait of Hormuz reopening.Bitcoin traders see little reason to avoid new local lows nearer $70,000 next.BTC price falls with oil as Iran peace deal details emergeData from TradingView showed BTC/USD down by up to 1.2% on the day, targeting week-to-date lows.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewNews that the US and Iran had produced a memorandum of understanding aimed at securing an end to the conflict sent stocks soaring to new all-time highs while commodities and oil, in particular, fell immediately.US WTI crude dropped to as low as $87.77 per barrel on the day, its lowest since April 22.CFDs on WTI crude oil one-day chart. Source: Cointelegraph/TradingViewPart of the deal, which reportedly sets out a 60-day negotiation period for securing a lasting agreement, includes the reopening of the Strait of Hormuz — a key oil shipping route.“If a final deal is reached within 60 days, this agreement will be approved in the form of a binding UN Security Council resolution,” an X post on the developments from trading resource The Kobeissi Letter stated.Despite the implied tailwinds for risk assets, Bitcoin failed to join the upward momentum, instead continuing a trend from recent weeks where it moved in the opposite direction to US equities.“$BTC Indecisive whether to join stocks or commodities today,” trader Daan Crypto Trades responded.Macro asset comparison chart. Source: Daan Crypto Trades/XExchange order-book conditions set up potential liquidity grabs both above and below the price as positions increased on both sides.“Although most of the liquidity is currently sitting above us, it’s spread out pretty evenly, which doesn’t give a clear target for an upside sweep. Meanwhile, below us there’s a large liquidation cluster around 74k that could pull price toward it,” trading and analytics account CGT Trader commented earlier.“An upside sweep can’t be ruled out, but imo continuation to the downside is still more likely.”Binance BTC/USDT liquidation heatmap. Source: CoinGlassBitcoin stays “weak and bearish” despite macro tailwindOther market participants continued the lack of optimism as Bitcoin headed lower.Related: Bitcoin analysis eyes sharp rebound after BTC collapses below M2 supply ‘fair value’Commentator Exitpump described BTC price action as “weak and bearish,” seeing a potential drop to near $72,000 next.BTC/USDT 12-hour chart. Source: Exitpump/XTrading resource Material Indicators added further hurdles, including a potential death cross involving the 21-day and 50-day simple moving averages (SMAs).An accompanying chart showed up and down signals from one of Material Indicators’ proprietary trading tools, along with significant price points.BTC/USD one-day chart. Source: Material Indicators/XAmong the decreasing bullish voices was analyst Eric Coleman, who saw current price action as retesting the top of an ascending triangle construction on daily time frames.“As long as the price is above the horizontal and the trendline support, the trend remains bullish,” he concluded.BTC/USDT one-day chart. Source: Eric Coleman/X

Bitcoin (BTC) saw flash volatility around Tuesday’s Wall Street open as US-Iran nerves rocked risk assets.Key points:Bitcoin briefly taps $78,000 as volatility returns to markets at the Wall Street open.US stocks hit new all-time highs, while crypto continues to underperform.Positive funding rates spark fresh warnings over Bitcoin’s immediate outlook.Bitcoin neutralizes longs and shorts in volatile movesData from TradingView showed BTC/USD hitting $78,000 — its highest since Thursday — before abruptly heading lower.BTC/USD one-hour chart. Source: Cointelegraph/TradingViewIn doing so, the pair liquidated both short and long positions, with the 24-hour total at $66 million, per CoinGlass.BTC liquidation history (screenshot). Source: CoinGlassMacro events once again drove the market, with US strikes on Iran calling the latest peace deal attempt into question.WTI crude oil headed toward $95 per barrel, while US stock markets again shook off the concerns, hitting new all-time highs and continuing a trend of strength seen last week.CFDs on WTI crude oil one-hour chart. Source: Cointelegraph/TradingViewCommenting, trading resource Material Indicators said that BTC price action “remains driven by liquidation hunts.”“Purple Whales are not suddenly flipping macro bullish for fundamental reasons – they are swing trading the range in low timeframes,” it explained in a post on X alongside a chart of Binance order-book liquidity. “The bid liquidity at ~$75.5k is attempting to protect key support at the 21 WMA.”BTC/USDT order-book liquidity data. Source: Material Indicators/XMaterial Indicators referenced Bitcoin’s 21-week simple moving average at $75,800, one of several nearby trend lines on the radar.Continuing on the topic, trader Daan Crypto Trades noted that the “biggest” cluster of liquidity below price was at $74,000.BTC liquidation heatmap. Source: CoinGlassFunding rates see “sharp reversal” versus AprilIn a potential warning to bulls, onchain analytics platform Glassnode drew attention to rising funding rates on the day.Related: Here’s what happened in crypto todayPreviously negative, these were now “decisively positive,” it reported, as BTC long interest increased.“The move marks a sharp reversal from April’s heavily short-biased positioning,” Glassnode told X followers.Bitcoin futures funding rates. Source: Glassnode/XOverall trading activity, however, remained comparatively modest, crypto analytics resource K33 Research noted.“Bitcoin has spent the past week consolidating and trading broadly flat, while activity across crypto markets remains muted. Weekly spot volumes are approaching yearly lows, derivatives activity continues to decline across both CME and offshore venues, and open interest has largely stagnated,” head of research Vetle Lunde wrote in its latest Ahead of the Curve update. “At the same time, realized and implied volatility have drifted toward historically low levels, reinforcing a broader wait-and-see environment with subdued participation and limited market conviction.”Bitcoin historical volatility (screenshot). Source: CoinGlass