Last BTC price dip before a $30K breakout? Bitcoin wipes weekend gains

Bitcoin (BTC) returned to a key focal point on June 1 as the monthly close delivered disappointment.

BTC/USD 1-day candle chart on Bitstamp. Source: TradingView

BTC price “fills” latest CME futures gap

Data from Cointelegraph Markets Pro and TradingView confirmed a lackluster end to May for BTC/USD, which slid below $27,000.

The pair erased its entire uptick seen over the weekend, coming full circle to act in a familiar range on the day.

This centered on the area immediately below $27,000, Bitcoin frequently visiting since the middle of April.

CME Bitcoin futures 1-hour candle chart. Source: TradingView

In doing so this time around, however, BTC/USD “filled” a gap in CME futures outstanding since the weekend trip higher.

“When these gaps fill, the bottom is usually near,” popular trader Jelle wrote in part of the day’s social media commentary.

An additional post argued that BTC price action would soon break out to $30,000, completing a “falling wedge” construction with waning volatility.

The last dip before this falling wedge breaks out, and sends us back to $30,000.#Bitcoin

— Jelle (@CryptoJelleNL) June 1, 2023

Despite the gap fill, fellow trader Daan Crypto Trades remained risk-off until a clearer direction became apparent.

“Confluence at the $26750 region with the CME gap as well as the Golden Pocket on the Fibonacci retracement. Will see how price reacts when/if it gets there,” he commented alongside a 1-hour chart.

“Currently not in a place for me to consider any trades.”BTC/USD annotated chart. Source: Daan Crypto Trades/ Twitter

Trader Skew likewise got few positive cues from order book composition and trader activity.

“Gap filled now, weak market though,” he summarized on the day.

“To be bullish would be strength above $27.4K & $27.2K (index exchanges).”

Bitcoin “straddling” key liquidity gap

Bitcoin price thus finished May down 7%, data from monitoring resource CoinGlass shows — something of an average performance for a highly varied month.

Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints

The largest cryptocurrency is so far 5.5%…



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