Bitcoin (BTC) traded at $67,500 on June 1, as last-minute price volatility prevented bulls from securing key resistance levels.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD flatlining at the monthly close after rebounding from weekly lows, which were triggered by concerns over a cryptocurrency exchange hack in Japan and "predatory" trading moves as the monthly close neared.

Despite narrowly beating expectations, United States macroeconomic data from the Personal Consumption Expenditures (PCE) index did little to uplift sentiment, showing inflation slowing.

Popular trader Skew commented on X (formerly Twitter) that price action retraced pre-PCE data movements, emphasizing the need for spot bid and demand to drive prices higher, with the risk of fomo hedges potentially leading to a trap later.

Bitcoin reversed around $66,650, ending May with an 11% monthly gain.

“Bitcoin is consolidating nicely here,” said Michaël van de Poppe, founder and CEO of MNTrading. “The markets are in equilibrium and gradually gearing up for further upward momentum. The crucial area to hold is $66K.”

Material Indicators attributed the latest BTC price behavior to large-volume traders, or whales, who manipulated liquidity into the monthly close. This led to a failed attempt to turn $69,000 into support. Earlier, Material Indicators co-founder Keith Alan had noted that achieving this would have been an "epic" end to May.

"A Killer Whale dropped a brick of Bitcoin ask liquidity on the market, pushing down a wick above $69K. Now, support at $67K is being exploited, and we've yet to see any new liquidity above $65K," a post on X explained. "The great shakeout continues."

An accompanying chart illustrated liquidity levels for the BTC/USDT pair on Binance, along with volumes from various whale cohorts, with Alan describing the moves as "killer whale games in action."