Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
BTC price upside is likely limited, market participants argue, with Bitcoin pinned below $27,500.
Bitcoin (BTC) bounced near multiple support trend lines into June 2 as market indecision remained in force.
Traders bet on $27,500 BTC price ceiling
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,519 on Bitstamp after the daily close.
The pair showed little signs of trend change as a stalemate between bulls and bears continued to produce little volatility.
The collection of moving averages (MAs), as well as the short-term holder (STH) realized price, near $26,000 thus stayed untested on intraday timeframes.
Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500.
“I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise,” he said in a YouTube update on the day.
To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600.
“Now I think we bounce back toward $27,500 — resistance of the previous range high — and from there I will be looking for, possibly, shorts toward $25,000,” he confirmed.
I remain short while we are below $27,500 legends. No change in my play here, as only ETH is taking the stage right now pic.twitter.com/UQlP7heLxP
— Crypto Tony (@CryptoTony__) June 2, 2023
Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His focus was on largest altcoin Ether (ETH), which rebounded from lows of $1,840 at the May monthly close to hit $1,897 on the day.
“Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support,” part of Twitter commentary nonetheless warned.
An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.
Bitcoin move “should be here”
Elsewhere, others argued that time was ticking for Bitcoin price to break out, with financial commentator Tedtalksmacro flagging favorable macro conditions.
Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric hints
“Treasury yields + USD lower, gold + equities higher,” he summarized about a comparative performance chart on June 1.
“If Bitcoin is going to move, it should be here imo… TradFi shifting risk-on again.”
Popular trader Moustache was equally upbeat about a Bitcoin copycat move based on bullish signals from the S&P 500.
“If the S&P 500 looks bullish, so does Bitcoin,” he concluded in part of his latest market analysis.
If the S&P 500 looks bullish, so does #Bitcoin.
5 months later and everything is going according to plan (see next tweet).
-Breakout from a >1-Year Descending BW
-Successful retest✅
-Inverse Head & Shoulder
-First (W)-Candle is about to close ABOVE the SMA 100 pic.twitter.com/p36vZZgCoE— ⓗ (@el_crypto_prof) June 1, 2023
Moustache built on existing findings from January, in which he predicted similar moves on Bitcoin should the S&P 500 stage a comeback.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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Author: William Suberg
