The price of bitcoin must surpass $29,450 for the first green weekly candle since March

With a tenth red weekly candle still on the table, Sunday’s BTC bulls are in danger of losing their nerve. On June 5, Bitcoin (BTC) kept traders guessing into the weekly close as BTC price action began to mirror last weekend once again.

BTC/USD 1-week candle chart (Bitstamp). Source: TradingView

BTC/USD is currently circling its May 30 opening level, just $300 above than seven days ago, according to data from Cointelegraph Markets Pro and TradingView. The pair thus kept the risk of closing another lower low, with hours left until the weekly candle closed. This would see Bitcoin break a new record for consecutive “red” weeks.

“Looks like BTC will likely get a Weekly close above $28.5k, which would imply further ranging PA for the upcoming week,” On the day, one of the most popular Twitter accounts for cryptocurrency, Crypto Santa, added in remarks.

BTC/USD has remained contained in a narrow range since the recovery from May’s $23,800 lows, according to Crypto Santa. The consumer price index (CPI) reading for May is expected in the coming days, with volatility likely if inflation is proved to be running above already high expectations.

“The jury is still out in terms of the inflationary trajectory,” According to BlackRock’s Jeffrey Rosenberg, a senior portfolio manager for systematic multi- strategy at the firm – “You can’t really get the Fed out of the business of focusing on the number one priority — of getting inflation down — until you really start to see that definitively show up. Until that happens, it’s going to be a very tough time.”

April’s CPI reading of 8.3% was the highest since the early 1980s, when inflation hit records not seen in almost 30 years.

Many experts predicted that Bitcoin would retrace to the May lows, yet one group of traders remained notably optimistic.

Long bets on Bitcoin continued to rise over the weekend on major exchange Bitfinex, reaching new record highs and generating confusion among analysts. After the trip to $23,800, the trend accelerated dramatically, with concerns that a liquidation event could exacerbate market instability should BTC/USD reverse down.

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