The pair encountered resistance below its local highs from around the weekly close, and stocks also treaded water after the opening bell.
Excitement around a possible deal to raise the U.S. debt ceiling, which had boosted crypto previously, also cooled as market participants waited for its first test in Congress.
“Bitcoin has been having a hard time reclaiming the weekend high,” monitoring resource Material Indicators summarized in part of analysis on the day.
“With the Monthly candle close approaching tomorrow, bulls and bears are fighting to control the momentum.”
An accompanying chart of the BTC/USD on Binance showed strengthening bid liquidity in the active trading range.
BTC/USD order book data for Binance. Source: Material Indicators/ Twitter
Popular trader Daan Crypto Trades suggested that that liquidity represented genuine interest in BTC, rather than forming part of an order book “spoof.”
#Bitcoin $22M+ Spot Buy Wall still sitting between $27.4-27.5K.
Fellow trader Jelle was also optimistic, offering May 31 as a potentially good date for bulls.
“Quite liking how Bitcoin shapes up here. Still holding the key support, and looks like we’re building a little hidden bullish divergence here,” part of Twitter commentary stated.
Additional posts included coverage of a potential triple breakout for Bitcoin when it comes to market structures.
#Bitcoin is at the cusp of breaking out from three different bullish patterns.
Just a little bit higher, before these all confirm a move higher.
The weekend’s upside left a blank space on the futures chart between $26,900 and $27,850, providing a potential short-term downside target for spot price.
Popular trader Justin Bennett included that scenario in part of the day’s price analysis, suggesting rangebound behavior would continue.
Nice bounce from $BTC so far, exactly as explained in Monday’s blog post.
This is your range for now. Get above $28,250 and we likely see a liquidity grab toward $29k and $30k.
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.
