Bitcoin tried to recover $27,000 towards the weekly close of May 14, as the volatility increased outside of hours. As of writing, it seems to have closed the week around $26,900. However, the largest cryptocurrency managed to enter the first hours of Monday at $ 27,000. So what’s next? Here are the latest expectations of famous analysts for Bitcoin price…
Bitcoin price gained more than 7 percent in two days
The data showed that BTC/USD rallied to $27,200 on Bitstamp just before the close. This performance, which drove the coin to highs in a few days, reflected a gain of about 7.5 percent compared to local lows in the last Wall Street trading session of the week. Michaël van de Poppe, the founder and analyst of trading firm Eight, commented as we reported on Kriptokoin.com. “Strong moves in Bitcoin have swept all the lows in recent moves. BTC is back to $27.2k,” he reacted. The analyst used the following statements:
Be patient, as breaking $27.2k is the first level to trigger a continuation on the upside. In this case, new highs are still possible near a temporary bottom and potentially up to $36-42k.
Analyst points out CME gaps
Popular trader Daan Crypto Trades also talked about CME gaps. CME noted the potential for a “gap” to appear in Bitcoin futures markets at the May 15 opening. He also used the following statements on Twitter:
If BTC holds at current prices, it will open with a CME gap tomorrow. These gaps tend to be filled, especially in a volatile environment. It’s good to note that during strong trends (up and down) these gaps are more likely to be left open.
It is pointed out that market participants generally take a cautious position. Van de Poppe, for example, was among those who demanded higher levels around $27,000 before considering long positions. Meanwhile, in an update on the current state of the Binance order book, monitoring resource Material Indicators noted that liquidity is moving and order liquidity at $25,400 has decreased by nearly $17 million.
#FireCharts shows ~$17M was pulled out of the #BTC buy wall and it doesn't appear to have been moved in the order book.
Perhaps it was placed as a conditional limit order that won't appear until price reaches their condition, perhaps they took it off the exchange, or maybe they… pic.twitter.com/p9cTIs1sJU
— Material Indicators (@MI_Algos) May 14, 2023
Bitcoin bulls face tough weekly challenge
Looking towards the weekly close, trader and analyst Rekt Capital was more pessimistic about prospects. In his analysis of the day, he warned that a close at $27,550 or below would put BTC price at risk of losses. “Weekly Close below $27550 (black) will likely mean more bearish for the price after failing to retrace $28800 as support (orange)” commented on the weekly chart. Additional findings argued that Bitcoin so far this year will not repeat its 2019 recovery.
Recent downside for #BTC has pretty much confirmed that 2023 is not like 2019$BTC Weekly Close below $27350 would likely fully confirm this#Crypto #Bitcoin pic.twitter.com/zWpoHi53aw
— Rekt Capital (@rektcapital) May 14, 2023
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