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Bitcoin (BTC) price activity mirrored that of the previous weekend into the June 5 weekly close, keeping traders guessing.
The BTC price is currently trading at $300 in the gree
BTC/USD was circling its May 30 starting level at the time of writing, just $300 higher than seven days ago, according to data from Cointelegraph Markets Pro and TradingView.
With hours until the weekly candle closed, the pair was still in danger of making another lower bottom. This would set a new high in terms of straight "red" weeks for Bitcoin.
Traders expressed conflicting feelings about the possible outcomes when discussing them.
If $BTC closes the weekly like this. Imo it would be bullish
— Pentoshi 🔺 (@Pentosh1) June 4, 2022
2nd is inverted (for different PoV) pic.twitter.com/6yn3GHOx32
In remarks on the day, popular Twitter account Crypto Santa said, "Looks like BTC will likely get a Weekly close over $28.5k, which would signal further range PA for the upcoming week."
BTC/USD traded in a tight range throughout the week, according to Cointelegraph, which has been in place since the recovery from May's $23,800 lows.
Inflation data from the United States is forthcoming in the coming days, in the form of the consumer price index (CPI) for May, which could cause volatility if inflation is seen to be rising above already high forecasts.
"The inflationary trend is still up in the air," said Jeffrey Rosenberg, senior portfolio manager for systematic multi-strategy at asset management behemoth BlackRock, to Bloomberg.
"You can't really convince the Fed to stop focusing on the number one priority - lowering inflation — unless you see it clearly manifest. It's going to be a difficult time until it happens."
The CPI for April came in at 8.3%, exacerbating inflation that had already reached levels not seen since the early 1980s.
Long positions on Bitfinex raise concerns about a "liquidation disaster."
While many analysts expected that Bitcoin would eventually return to its May lows, one group of traders remained steadfastly bullish.
Long bets on BTC on major exchange Bitfinex continued to rise over the weekend, reaching new record highs and perplexing analysts.
After reaching $23,800, the trend accelerated significantly, raising concerns that a liquidation event could exacerbate market instability if BTC/USD reversed downward.
On June 2, part of a reactionary tweet by commentator Kevin Svenson said, "This is either going to result in a terrific pump... or a liquidation disaster."
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