{"id":11940,"date":"2023-05-11T16:11:10","date_gmt":"2023-05-11T16:11:10","guid":{"rendered":"https:\/\/www.cryptoheretostay.com\/?p=11940"},"modified":"2023-05-11T16:11:11","modified_gmt":"2023-05-11T16:11:11","slug":"btc-price-risks-27k-loss-as-bitcoin-trend-lines-brew-bullish-cross","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11940","title":{"rendered":"BTC price risks $27K loss as Bitcoin trend lines brew &#8216;bullish cross&#8217;"},"content":{"rendered":"<script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"crypto\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script>\n<p>Bitcoin (BTC) headed toward $27,000 after the May 11 Wall Street open as bulls failed to show strength.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price &#8220;rolls over&#8221; after brief recovery<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it risked a further loss of support.<\/p>\n<p>After a modest recovery from local lows seen the day prior, the pair remained weak, even as new United States macro data offered bullish cues.<\/p>\n<p>\u201cDump was retraced but then price quickly rolled over again,\u201d popular trader Daan Crypto Trades summarized.<\/p>\n<p>\u201cWe&#8217;re still trading at the range lows and until broken I think shorts aren&#8217;t great R:R. Bulls need to show strength by retaking the daily open for me to consider a possible reversal scenario.\u201d<\/p>\n<p>As Cointelegraph reported earlier, market participants continued to prepare downside targets, with many focusing on the area around $25,000.<\/p>\n<p>\u201cI remain short personally, but for anyone not in a short yet i would wait until we lose $27,000 then look to short this support zone loss,\u201d fellow trader Crypto Tony continued. <\/p>\n<p>\u201cFor now we are holding it so no reason to short just yet.\u201d<em>BTC\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<p>Among the bullish voices on the day was trader and analyst Moustache, who in optimistic analysis focused on longer-term price trends.<\/p>\n<p>Specifically, two moving averages, the 20-week and 200-week, were about to stage a form of \u201cgolden cross\u201d &#8211; wiping out their interplay from September 2022, months before Bitcoin\u2019s latest cycle low.<\/p>\n<p>\u201cIn September 2022, there was a bearish cross of the SMA 20\/200 line for the first time on record. This gave many people the opportunity to buy $BTC at ~15k,\u201d Moustache explained. <\/p>\n<p>\u201cAnd now? The SMA 20\/200 is about to cross bullishly. Price above blue = Always bullish (see &#8217;15,&#8217;19).\u201d<em>BTC\/USD annotated chart. Source: Moustache\/ Twitter<\/em><\/p>\n<h2>U.S. data joins CPI, dealing fresh blow to inflation<\/h2>\n<p>On macro, meanwhile, encouraging U.S. Producer Price Index (PPI) and unemployment data gave crypto investors cause for cautious celebration.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin trader eyes $63K BTC price for new Bollinger Bands \u2018breakout\u2019<\/em><\/strong><\/p>\n<p>Jobless claims were up on the day, while PPI conformed to expectations of inflation continuing to trail off.<\/p>\n<p>Together with similar signals from the Consumer Price Index (CPI) the day prior, the odds were on for interest rates to stop rising in June, financial commentator Tedtalksmacro reacted.<\/p>\n<p>\u201cUS unemployment claims higher to +264k and PPI in-line with consensus on the headline + core prints. More data conducive to a pause in June,\u201d he tweeted.<\/p>\n<p>A further post argued that \u201cToday&#8217;s US PPI numbers reaffirm that the path of least resistance for CPI inflation is down.\u201d<\/p>\n<p><em>Fed target rate probabilities chart. Source: CME Group<\/em><\/p>\n<p>The latest readings from CME Group\u2019s FedWatch Tool showed market consensus for a June rate hike pause at over 96%.<\/p>\n<p><em><strong>Magazine: <\/strong><strong>Unstablecoins: Depegging, bank runs and other risks loom<\/strong><\/em><\/p>\n<p class=\"post-content__disclaimer\">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.\n<\/p>\n<p><script type=\"text\/javascript\">\r\namzn_assoc_placement = \"adunit0\";\r\namzn_assoc_tracking_id = \"totafreearti-20\";\r\namzn_assoc_ad_mode = \"search\";\r\namzn_assoc_ad_type = \"smart\";\r\namzn_assoc_marketplace = \"amazon\";\r\namzn_assoc_region = \"US\";\r\namzn_assoc_default_search_phrase = \"bitcoin\";\r\namzn_assoc_default_category = \"All\";\r\namzn_assoc_search_bar = \"false\";\r\namzn_assoc_title = \"\";\r\namzn_assoc_rows =\"1\";\r\n<\/script>\r\n<script src=\"\/\/z-na.amazon-adsystem.com\/widgets\/onejs?MarketPlace=US\"><\/script><br \/>\n<br \/><a href=\"https:\/\/cointelegraph.com\/news\/btc-price-risks-27k-loss-as-bitcoin-trend-lines-brew-bullish-cross\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) headed toward $27,000 after the May 11 Wall Street open as bulls failed to show strength. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price &#8220;rolls over&#8221; after brief recovery Data from Cointelegraph Markets Pro and TradingView followed BTC\/USD as it risked a further loss of support. After a modest recovery from local [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11941,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news"],"_links":{"self":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11940","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11940"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11940\/revisions"}],"predecessor-version":[{"id":11942,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11940\/revisions\/11942"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11941"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11940"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11940"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11940"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}