Bitcoin (BTC<\/a>) tested $27,000 on May 31 as weakness prevailed into the monthly close.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it continued to lose momentum after local highs near $28,500.<\/p>\n As early-week excitement<\/a> faded, traders and analysts warned that now was a make-or-break point for the short-term trend.<\/p>\n \u201cCrucial area approaching here for Bitcoin and dipped into it,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, summarized<\/a>. <\/p>\n \u201cIf this zone sustains as support & Bitcoin will be able to reclaim $27,500, everything looks like we’ll continue the upwards trend. Drop beneath $26,600 and we’ll see new lows.\u201d<\/p><\/blockquote>\n Trader Skew added that spot buy liquidity on largest global exchange Binance had been taken, with a reversal now required to avoid a retest of the 200-week moving average (MA).<\/p>\n This had functioned<\/a> as earlier support, lying at just above $26,000.<\/p>\n $BTC<\/a> Binance Spot strength is what you want to see now else straight back to 200W MA https:\/\/t.co\/u930TJ1E9V<\/a> pic.twitter.com\/D2XsU6mrk8<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) May 31, 2023<\/a><\/p><\/blockquote>\n Skew further noted<\/a> that BTC\/USD was testing several exponential MAs on the day in a “pretty important” performance.<\/p>\n Continuing on the Binance order book, monitoring resource Material Indicators had some predictions for how the monthly close could play out.<\/p>\n \u201cFor the most part, Bitcoin liquidity changes in the order book have been pretty subtle today, but by zooming out a little wider we can see ask liquid from the $31k – $32k range is dropping in closer to the active trading zone while bid liquidity has been laddered down, then adjusted slightly,\u201d it told<\/a> Twitter followers. <\/p>\n \u201cLiquidity consolidating into the range should dampen volatility heading into the monthly close. The bigger concern for bulls is that bid liquidity is thinning out.\u201d<\/p><\/blockquote>\n Offering some hope in the event of upside returning, meanwhile, popular analyst Philip Swift noted liquidity lying in wait above $30,000.<\/p>\n Related:\u00a0Mining difficulty passes 50 trillion \u2014 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n Swift, creator of on-chain analytics site LookIntoBitcoin and co-founder of trading suite Decentrader, suggested that any breakout could gain “momentum” and potentially head to $35,000.\u00a0<\/p>\n “*IF* Bitcoin can get up to $31k (it would have to overcome weekly resistance @$30k) there is a big amount of liquidity between $31k – $35k which could add some momentum to the move,” he commented<\/a>.<\/p>\n An accompanying chart showed Decentrader’s Liquidity Map tool.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/b5214945-85c3-4831-a924-0965b261489a.png\")
Analyst: Bitcoin reaching \u201ccrucial area\u201d<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/1d21dba4-74a6-4f28-a7fb-cc7b19dc58cb.png\")
\n
and walls filled now lol <\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/a320f108-137f-47e7-9f22-703a7716dce5.jpeg\")
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/f5a86ea0-0507-45ef-81a5-db1c49a5d17e.jpeg\")
Liquidity ready to fuel Bitcoin fire<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/f913f060-9a15-420c-8943-d16a3a43a8ce.jpeg\")