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Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’

2023/06/03/19:50
in Crypto, Tech
Reading Time: 4 mins read
243 10
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US debt ceiling crisis: Bullish or bearish for Bitcoin?
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BTC price upside is likely limited, market participants argue, with Bitcoin pinned below $27,500

bounced near multiple support trend lines into June 2 as market indecision remained in force.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

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 a trend change as a stalemate between bulls and bears continued to produce little volatility.

The collection of moving averages (MAs) and the short-term holder (STH) realized price near $26,000, thus staying 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.

Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His focus was on the largest altcoin Ether 

“Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support,” part of Twitter commentary warned.

An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.

ETH/USD annotated chart. Source: Crypto Tony/ Twitter

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.”

Bitcoin vs. macro assets comparison. Source: Tedtalksmacro/ Twitter

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.

$BTC

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

— 𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 (@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.

Source: Cointelegraph

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