Bitcoin Teeters on Edge as Trader Warns of Monday Price Weakness

Bitcoin's price is hovering near two-week highs as it enters its weekly close. According to data from TradingView, BTC/USD is currently focusing on $62,700, a key long-term trend line and the site of the 200-week simple moving average (SMA). This level has been a source of resistance for Bitcoin in recent times.

A trader warned that Mondays have historically been 'terrible' for Bitcoin price action. In fact, the past seven Mondays have seen significant price weakness. Despite this, bulls managed to push the price up to $63,450 on Saturday amid thinner exchange order books and a three-day US holiday weekend.

The market is also seeing some signs of strength, with crypto analyst Exitpump noting 'stronger passive supply' pressing down on the price from above. Meanwhile, trader Daan Crypto Trades flagged short position liquidations as the price gained, with data from CoinGlass showing $167 million in 24-hour crypto liquidation.

However, the question remains whether this is just a temporary reprieve or if Bitcoin can hold onto its gains and break through the $62.6K level. Fellow trader Killa echoed Daan's warning that Mondays have historically been bad for Bitcoin price action, saying '7/7 Mondays have been absolutely terrible for $BTC.'

In other news, trading company QCP Capital is eyeing potential tailwinds forming for crypto and risk assets, including renewed net inflows to the US spot Bitcoin exchange-traded funds (ETFs). These developments could be a sign that dip buyers are stepping back in after significant redemptions.