Bitcoin Holds Steady as Weekend Consolidation Sets In

In a tweet posted on May 24, crypto analyst Daan Crypto Trades shared his weekend outlook for Bitcoin, noting that he isn't expecting major volatility or volume.

Crypto analyst Daan Crypto Trades shared his weekend outlook for Bitcoin, noting that he isn't expecting major volatility or volume.

"It's weekend so I'm not expecting a ton of volatility or volume like usual," said Daan in a tweet on Sunday.

He added that there's a potential risk zone near $104,000, which is a liquidation level for a large whale. However, as long as BTC trades well above that level, he believes volatility should remain contained.

It's weekend so I'm not expecting a ton of volatility or volume like usual.

Expecting some more selling pressure if we get close to CME open again (marked with magnet). Also, keep an eye on $104k as it's a liquidation level for a large whale.

As long as BTC stays well above that level, we should be ok! 🔓 pic.twitter.com/r98iV3qZ2R

— Daan Crypto Trades (@DaanCrypto) May 24, 2024

The 15-minute BTC/USD chart attached to the tweet shows a notable gap between the CME close and the upcoming CME open, marked around $108,241. A magnet icon was used to symbolize a potential price pullback toward that level, as Bitcoin often "fills the gap" left between CME market sessions.

BTC is currently trading hands at around $107,000, up 0.4% for the past 24 hours.

"BTC did well but most alts failed to follow," said Daan, referring to relative weakness in the broader altcoin market following Bitcoin's recent gains.

For now, the market appears to be in consolidation mode as traders await new catalysts.