Bitcoin (BTC<\/a>) returned to a key focal point on June 1 as the monthly close delivered disappointment.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> confirmed a lackluster end to May for BTC\/USD, which slid below $27,000.<\/p>\n The pair erased its entire uptick<\/a> seen over the weekend, coming full circle to act in a familiar range on the day.<\/p>\n This centered on the area immediately below $27,000, with Bitcoin frequently visiting it since the middle of April. <\/p>\n In doing so this time around, however, BTC\/USD \u201cfilled\u201d a gap in CME futures outstanding since the weekend trip higher.<\/p>\n \u201cWhen these gaps fill, the bottom is usually near,\u201d popular trader Jelle wrote<\/a> in part of the day\u2019s social media commentary.<\/p>\n An additional post argued that BTC price action would soon break out to $30,000, completing a \u201cfalling wedge\u201d construction with waning volatility.<\/p>\n The last dip before this falling wedge breaks out, and sends us back to $30,000.#Bitcoin<\/a> pic.twitter.com\/TE2lMRYj6A<\/a><\/p>\n \u2014 Jelle (@CryptoJelleNL) June 1, 2023<\/a><\/p><\/blockquote>\n Despite the gap fill, fellow trader Daan Crypto Trades remained risk-off until a clearer direction became apparent.<\/p>\n \u201cConfluence 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,\u201d he commented<\/a> alongside a one-hour chart.<\/p>\n \u201cCurrently not in a place for me to consider any trades.\u201d<\/p><\/blockquote>\n Trader Skew likewise got few positive cues from order book composition and trader activity.<\/p>\n \u201cGap filled now, weak market though,\u201d he summarized<\/a> on the day. <\/p>\n \u201cTo be bullish would be strength above $27.4K & $27.2K (index exchanges).\u201c<\/p><\/blockquote>\n Bitcoin\u2019s price finished May down 7%, data from monitoring resource CoinGlass shows \u2014 something of an average performance for a highly varied month.<\/p>\n Related:\u00a0Bitcoin hodlers exited \u2018capitulation\u2019 above $20K, new metric hints<\/a><\/em><\/strong><\/p>\n The largest cryptocurrency is 5.5% lower in Q2, contrasting Q1 gains of over 70%.<\/p>\n Analyzing multiple timeframes, the trading suite DecenTrader saw little reason to expect an abrupt trend change yet.<\/p>\n Warning of \u201cmoderately bearish\u201d or \u201cdeclining\u201d signals on its proprietary trading instruments, it flagged downside support levels tied to key moving averages (MAs).<\/p>\n These are $26,250, $26,000 and $23,035 for the 200-week, 20-week and 200-day MAs, respectively.<\/p>\n \u201cLiquidity wise, Bitcoin is still straddling. Downside is currently protected by the 200WMA. Upside, all meaningful liquidity is above $30k,\u201d it added<\/a> in part of a Twitter thread, reiterating findings from co-founder Philip Swift<\/a> the day prior.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/3013f395-61de-4e73-b262-0147631dc10f.png\")
BTC price \u201cfills\u201d latest CME futures gap<\/h2>\n
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Bitcoin \u201cstraddling\u201d key liquidity gap<\/h2>\n
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