# Bitcoin Price May Close Above $29,450 For Its First Green Weekly Candle Since March
Bitcoin (BTC) price was up in the air as the June 5 weekly close approached with a similar pattern to the previous weekend.
## Bitcoin Price Hovers Around $300 in the Positive
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD was hovering around its May 30 opening level at the time of writing, just $300 above its value seven days ago.
As the weekly candle was about to close, there was a possibility of Bitcoin marking another lower low, which would set a new record for consecutive “red” weeks.
Traders had mixed opinions on the potential outcomes:
“Very hard to tell, again all about daily trend and the recent highs put @ 32k. Gaps above big enough to be interesting to play even > 32. A close like this for the weekly would be pretty… Indecisive. For example if you see it that way.. story isn’t the same ?” – Pierre
“Looks like BTC will likely get a Weekly close above $28.5k, which would imply further ranging PA for the upcoming week.” – Crypto Santa
BTC/USD had been trading in a narrow range all week, following the recovery from May’s low of $23,800.
Notably, inflation data from the United States was expected soon, in the form of the consumer price index (CPI) report for May. If inflation was shown to be higher than anticipated, it could lead to increased volatility.
### Bitfinex Longs Raise Concerns of “Liquidation Disaster”
While some expected Bitcoin to revisit its lows from May, a group of traders remained bullish.
On Bitfinex exchange, long positions on BTC continued to increase over the weekend, hitting new record highs and causing confusion among analysts.
The trend intensified after the drop to $23,800, raising fears that a liquidation event could contribute to market instability if BTC/USD started to decline.
“This is either gonna result in a fantastic pump … or a liquidation disaster.” – Kevin Svenson
#### Disclaimer
The views expressed in this article are those of the author and do not necessarily represent the views of Cointelegraph.com. All investment and trading decisions involve risks, so it is advisable to conduct thorough research before making any decisions.
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