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Watch these Bitcoin price levels next as BTC dips 3% in choppy weekend

Watch these Bitcoin price levels next as BTC dips 3% in choppy weekend

Bitcoin (BTC) experienced fresh volatility on May 6 as low-liquidity weekend trading tested its trading range.

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

Bitcoin “in limbo” despite volatility

Data from Cointelegraph Markets Pro and TradingView demonstrated a drop of over $1,000, or 3%, on the day for BTC/USD.

While experiencing volatile conditions typical of weekend trading, the largest cryptocurrency could not exit a broader corridor in place for several weeks.

With no strong push to clear resistance at $30,000 or drop towards key trend lines near $25,000, BTC/USD frustrated market participants.

“Bitcoin really is in limbo right now and doesn’t know what to do .. I am back out of a position and just waiting again for one side of this range to break to re enter,” popular trader Crypto Tony stated to Twitter followers.

An accompanying chart showed potential targets in the event of a bearish breakdown.

BTC/USD annotated chart. Source: Crypto Tony/Twitter

Earlier in the day, additional analysis repeated previous predictions of $32,000 coming into play should bullish momentum return.

Fellow trader CryptoBullet described the day’s losses as “nothing special” in separate coverage.

Part of the commentary argued, “Final dip before the breakout,” with a chart presenting BTC/USD in a narrowing wedge with a decision on exit trajectory due.

BTC price bulls must clear $30,000

As always, longer timeframes were more optimistic.

Related: Bitcoin trader eyes $63K BTC price for new Bollinger Bands ‘breakout’

Analyzing the weekly chart, analyst Gert van Lagen flagged the 200-week simple moving average (SMA) as the resistance line to clear next, with Bitcoin possibly completing a bullish inverse head and shoulders chart pattern.

BTC/USD annotated chart. Source: Gert van Lagen/Twitter

Trader and investor CryptoAce highlighted a large weekly resistance zone for bulls to tackle.

“Stay below and $24k is where price will be trading in some weeks imo,” part of an update on trading activity read on the day.

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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.