Bitcoin (BTC) begins the final week of May with trader optimism regarding a return to the $80,000 level. According to TradingView data, the Bitcoin price dipped slightly over the weekend, falling below $75,000—its lowest point since mid-April. However, against the backdrop of reports regarding a peace agreement between the U.S. and Iran, the price stabilized around $77,000. This is reported by Cointelegraph.com reports.
Analysts at Cryptic Trades on the social network X called this decline a "fakeout." They noted that for the BTC/USD pair to maintain its upward trend on lower timeframes, it must reclaim the daily bull market support zone. This area has served as a strong pivot zone in recent months.
Well-known trader Daan Crypto Trades agreed with this sentiment, stating that holding this specific area is crucial for maintaining short- and medium-term bullish momentum. Market participants are currently waiting for the price to move upward and sweep liquidity.
Analyst Lennaert Snyder assessed the Bitcoin price drop below $75,000 as a "very good liquidity sweep." According to him, a strong daily close and the price exceeding previous daily highs are considered positive signals for Bitcoin.
Read “Zamin” on Telegram!
