Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’
2023.06.02 07:50
Bitcoin (BTC) 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.
$BTC / $USD – Update
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 the 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 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— ⓗ (@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.
