Bitcoin (BTC) saw renewed volatility on May 6 as low-liquidity weekend trading tested the vigor of its trading range.
![](https://s3.cointelegraph.com/uploads/2023-05/f859bd77-bfa4-4d49-8754-36e0fb25a87a.png)
Bitcoin is ‘dangling’ despite volatility
Cointelegraph Markets Pro and TradingView In just a few hours of the day, BTC/USD showed a drop of over $1,000 or 3%.
The largest cryptocurrencies saw a brisk situation typical of weekend trading, but failed to exit the wider corridor for many weeks.
Lacking the means to clear the $30,000 resistance or fall towards the major trendline near $25,000, BTC/USD frustrated market participants.
“Bitcoin is really dangling right now and I don’t know what to do.. I’m back from my position and waiting for one side of this range to re-enter,” said popular trader Crypto Tony . Said twitter followers.
The attached chart shows potential targets in the event of a bearish breakdown.
![](https://s3.cointelegraph.com/uploads/2023-05/11861e10-9a61-4400-af83-c3d984e5b450.png)
Additional analysis released earlier in the day echoed existing forecasts of $32,000 inflows, which should pick up momentum.
in the spotlight #memecoin I’m not surprised to see us literally stagnant #bitcoin
As always the fun will follow sooner or later but for now we plan ahead.A move to the $32,000 high would be perfect pic.twitter.com/m9uI3RmDln
— Crypto Tony (@CryptoTony__) May 6, 2023
In a separate article, fellow trader CryptoBullet described the day’s losses as “nothing special.”
Some of the commentators claimed “the last drop before the breakout”, presenting BTC/USD in a narrow wedge and calling for exit trajectory determination.
There is nothing special about current dumps. But (e) it is under construction.
Last dip before breakout https://t.co/pFw8HX8jNq pic.twitter.com/ko4Q0nlkwE
— Crypto Bullet (@CryptoBullet1) May 6, 2023
BTC Price Bulls Must Clear $30,000
As ever, the longer timeframes caused more optimism.
RELATED: Bitcoin Traders Eye BTC Price at $63,000 for New Bollinger Bands ‘Breakout’
Analyst Gerd van Lagen analyzes weekly charts with flag The 200-week Simple Moving Average (SMA) as the next clearing resistance line. Bitcoin could complete a similarly bullish reverse head and shoulders chart pattern.
![](https://s3.cointelegraph.com/uploads/2023-05/8d86f989-123d-469c-9806-0ee62bf92b8d.png)
Trader and investor CryptoAce, on the other hand, stressed that there is a large weekly resistance zone that the bulls have to grapple with.
“If it stays down, $24,000 is where the price will trade in the coming weeks,” read part of an update on trading activity read that day.
$BTC
Weekly Resistance Block $29.7k – $31.5k
Stay Down, $24,000 Is Where The Price Will Trade In A Few WeeksShort from $29.7k and covered $28k last week
Currently looking to short $24k from $29.5k to $31.5k https://t.co/uewwZLtMzc pic.twitter.com/BVtGahtLr7— Cryptos (@CryptoAceBTC) May 6, 2023
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This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.