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

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

— 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…



Recommended For You

Leave a Reply

Your email address will not be published. Required fields are marked *