Bitcoin's price may not yet be ready to break through the $70,000 barrier, according to market analysts, who predict several more weeks of consolidation below new all-time highs. Despite briefly passing $69,500, BTC price remains capped by familiar resistance zones, with strong performance and increasing liquidity building up on both sides.

Popular trader Daan Crypto Trades highlighted key levels to watch in the short term, including $68.3K and $69.8K, which are crucial support and resistance levels respectively. He noted that "as price is ranging around ~$69K, there's some liquidity building up on both sides," indicating a potential breakout or rejection in the near future.

Keith Alan, co-founder of Material Indicators, also emphasized the importance of flipping $69,000 to support, stating that "Bitcoin lost $69k again. It's our strongest and most important resistance level on the chart." He further added that "I'd like to see a weekly close above $69k to gain some confidence in a measured move to $73k," underscoring the significance of a weekly close above this level.

Rekt Capital, a popular trader and analyst, pointed out that the market has exited the "danger zone" that typically accompanies the block subsidy halving event, which occurred in April. However, he warned that bulls are not out of the woods yet, as the price still needs to overcome significant resistance levels. He predicted that the consolidation will continue for several more weeks between $60,000 and $70,000, potentially leading to a red monthly close in May, similar to the previous three years.

Rekt Capital explained that "since the Bitcoin Post-Halving 'Danger Zone' ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the Range High resistance of the Macro Re-Accumulation Range is, and this is where Bitcoin rejected from." He further noted that "the consolidation continues, and history suggests it will continue for several more weeks between $60,000 and $70,000."

This prolonged consolidation phase may lead to a red monthly close in May, which would be in line with the previous three years, according to data from monitoring resource CoinGlass. The monthly returns chart shows a consistent pattern of red closes in May, which may continue this year.

As the market continues to consolidate, analysts and traders are keeping a close eye on key levels and liquidity concentrations, with some predicting a potential liquidity raid later. The increasing liquidity building up on both sides, as noted by Daan Crypto Trades, may lead to a breakout or rejection in the near future.

With the United States markets closed on May 27 for the Memorial Day holiday, all eyes will be on Bitcoin's price action in the coming weeks to see if it can break through the $70,000 barrier and continue its upward trajectory. The next few weeks will be crucial in determining the direction of the market, and traders are advised to exercise caution and follow the trends closely.

In conclusion, Bitcoin's price may not yet be ready to break through the $70,000 barrier, and analysts predict several more weeks of consolidation below new all-time highs. The market is building up liquidity on both sides, and key levels such as $68.3K and $69.8K will be crucial in determining the direction of the market. Traders are advised to exercise caution and follow the trends closely in the coming weeks.