Bitcoin round tripped gains after a spike to $70,000 as liquidity traps began to characterize BTC price action on the US bank holiday.

Bitcoin market analysis focused on liquidations and the wick to $59,000 for signs of the next significant BTC price move on lower time frames.

Bitcoin onchain analysis eyed a potential end to the BTC price downtrend as its MVRV ratio returned to levels not seen in three years.

Bitcoin bulls enjoyed a relief rally to $69,000 on the back of soft US CPI inflation data amid hopes of BTC price action making a "higher low."