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, founder and CEO of trading firm Eight and analyst, said, “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 cited the potential for a “gap” to appear in the CME Bitcoin futures markets at the May 15 opening. He 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.
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 further 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.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.