Bitcoin (BTC) tried to recapture the $27,000 mark at the weekly close on May 14 as volatility increased towards the end of the day.
BTC price rises more than 7% in two days
Data from Cointelegraph Markets Pro and TradingView showed that the BTC/USD pair reached a price of $27,200 on Bitstamp.
The performance, the highest in several days, reflected gains of around 7.5% against the local lows of the last Wall Street session of the week.
“Strong moves in Bitcoin as it sweeps all recent move lows and climbs back to $27,200”, reacted an optimist Michaël van de Poppe, founder and CEO of the trading firm Eight.
“Patience as turning $27,200 into support is the first serious trigger for continuation higher. In that case, near temporary bottom & potentially new highs at 36,000-42,000 still possible.”
Popular trader Daan Crypto Trades noted that there is now a possibility of a “gap” appearing in the CME Bitcoin futures markets at the open on May 15.
“If BTC holds at current prices, it will gap open on the CME tomorrow. These gaps tend to fill, especially during a swing environment,” said to his Twitter followers.
“It’s good to see how during strong trends (up and down), these gaps are more likely to stay open.”
Earlier in the weekend, Cointelegraph reported on the general cautious tone being adopted by market participants, with Van de Poppe among those calling for a recovery to levels around $27,000 before considering entering long positions.
In an update on the current status of Binance’s order book, meanwhile, tracking resource Material Indicators noted liquidity moving, along with liquidity for the bid at $25,400 dropping by about $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 faces tough weekly challenge
Facing the weekly close itself, the trader and analyst Rekt Capital was less positive about the immediate outlook.
In the day’s analysis, he warned that a close at or below $27,550 would put the BTC price at risk of further losses.
“A weekly close below $27,550 (black) would likely mean further price downside after failing to recapture $28,800 as support (orange),” he commented on the weekly chart.
Additional conclusions argued that Bitcoin was likely not to repeat its 2019 rally so far this year.
Recent downside for #BTC has pretty much confirmed that 2023 is not like 2019$BTC Weekly Close below $27350 would likely fully confirm this#Crypto #Bitcoin pic.twitter.com/zWpoHi53aw
— Rekt Capital (@rektcapital) May 14, 2023
This article does not contain investment advice or recommendations. All investments and trades carry risks, so readers should do their own research when making a decision.
Clarification: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information presented here should not be taken as financial advice or investment recommendation. All investment and commercial movement involve risks and it is the responsibility of each person to do their due research before making an investment decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not directed or accessible to investors in Spain.