Bitcoin has started a new week putting pressure on significant resistance levels as the month of May comes to an end. The price movement of BTC is creating a cautious atmosphere among bullish investors, struggling to turn old all-time highs into resistant levels. The question arises whether the price will drop to $69,000 by June.

The beginning of the week remains quiet due to the Memorial Day holiday in the United States, delaying institutional activity until May 28. However, macroeconomic factors, particularly U.S. data prints, are heating up, becoming a central focus for the cryptocurrency and risk asset markets.

Bitcoin faces its own challenges with a persistent consolidation below all-time highs for over two months, and the resolution of this situation remains uncertain. While optimistic price predictions for BTC circulate, expressing a six-figure target for BTC/USD in 2024, concerns about a significant retracement persist in the background.

As the market stands at a critical juncture, Cointelegraph analyzes the potential factors that could influence Bitcoin's price movement as May concludes.

BTC price has reached the crucial $69,000 level in recent trading sessions, experiencing fluctuations during the weekend and notably surpassing $69,000 before retracting after the weekly close. The latest 'gap' in CME Group Bitcoin futures markets was effectively closed, even during the Memorial Day holiday.

The weekly close, around $68,500, marked Bitcoin's strongest performance since the beginning of April. Material Indicators emphasized the importance of solidifying $69,000 as a vital support level amidst the recent market developments.

Monitoring data from CoinGlass reveals significant liquidity zones around the current spot price, leaving traders speculating on the potential direction of the market. Key levels of interest at the time of writing include $68,100 and $69,800, with the latter situated within a high liquidity zone across order books.

Bitcoin is expected to stabilize within these price ranges, according to Michaël van de Poppe, the founder and CEO of trading firm MNTrading.

The future trajectory of Bitcoin, whether it breaks out or experiences a breakdown from its current range, is a major concern for market observers. The consensus leans towards an upward breakout, although the extent of the market's rise remains a topic of debate.

Noteworthy figures are predicting significant price targets for Bitcoin, with calls for $95,000 in June and potentially $150,000 by the end of the year. Various market analysts suggest that prolonged consolidation periods below all-time highs have historically preceded bullish market breakthroughs in previous Bitcoin price cycles.

While some anticipate a larger correction as a base case scenario, others remain optimistic about Bitcoin's upward potential. The ongoing market sentiment and external factors, such as the recent Bitcoin block subsidy halving, continue to impact BTC price trends significantly.

With U.S. markets closed until May 28, Bitcoin's near-term price dynamics may see minimal outside influence during Wall Street trading hours. However, as the week progresses, U.S. macroeconomic data releases, such as the Producer Price Index (PCE), are expected to play a crucial role in shaping market sentiment.

The overall outlook for both Bitcoin and traditional stock markets remains cautiously optimistic, with potential risk-on sentiments favoring certain assets. Market observers anticipate a possible upside breakout for BTC/USD, despite short-term fluctuations in momentum indicators.

Bitcoin whales, a key player in the market, have shown heightened activity as the price of BTC remains near all-time highs. Large-scale investors continue to accumulate Bitcoin, with whale addresses holding a substantial amount of BTC, indicating strong interest among major market participants.

This article does not contain investment advice and readers are encouraged to conduct their own research before making any investment decisions.