Bitcoin (BTC) is looking to recover $27,000 by the May 14 weekly close as volatility picks up from the hours.
The price of BTC increased by 7% in two days
Data from Cointelegraph Markets Pro and TradingView shows BTC/USD rising to $27,200 on Bitstamp.
The highest in several days, the performance showed gains of around 7.5% compared to local lows from the last trading session on Wall Street of the week.
“Strong movements in Bitcoin as it has washed away all the lows of recent movements and grinds back to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of the trading firm Eight, React.
“Patience, because the flip of $27.2K is the first serious reason to continue upwards. In that case, close to a temporary low and potential new high of $36-42K is still possible.
Popular trader Daan Crypto Trades has noted the potential for a “gap” in the CME Bitcoin futures markets that will be seen at the May 15 open.
“If BTC stays at current prices, it will open a CME gap tomorrow. These gaps are likely to be filled, especially during an environment,” he SPOKE Twitter followers.
“It’s good to note how during strong trends (up and down), these gaps are more likely to be left open.”
Earlier in the weekend, Cointelegraph reported the general cautious tone adopted by market participants, with Van de Poppe among those asking for a strong reclamation of levels around $27,000 on the left. still consider high positions.
In an update on the current status of the Binance order book, meanwhile, resource monitoring Material Indicators has detected liquidity moving, with bid liquidity at $25,400 thinning to about $17 million.
Maybe it was placed as a conditional limit order that doesn’t appear until the price reaches their condition, maybe they took it off the exchange, or maybe they… pic.twitter.com/p9cTIs1sJU
– Material Indicators (@MI_Algos) May 14, 2023
Bitcoin bulls face a tough weekly challenge
Looking to the weekly close itself, the trader and analyst Rekt Capital is not very positive about the immediate prospects.
Related: ‘Don’t short when it’s dark green’ – How to trade the 2024 Bitcoin halving
Analyzing the day, he warned that a close of $27,550 or below would put the BTC price at risk of further losses.
“Weekly Close below $27550 (black) is likely to spell further downside for the price after failing to recover $28800 as support (orange),” he commented on the weekly chart.
Further findings argue that Bitcoin is unlikely to repeat the 2019 recovery until this year.
– Rekt Capital (@rektcapital) May 14, 2023
Magazine: Alameda’s $38B IRS bill, Do Kwon kicks assets, Milady frenzy: Asia Express
This article does not constitute investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.