{"id":11982,"date":"2023-05-14T21:25:54","date_gmt":"2023-05-14T21:25:54","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=11982"},"modified":"2023-05-14T21:25:55","modified_gmt":"2023-05-14T21:25:55","slug":"bitcoin-price-hits-27-2k-but-new-analysis-warns-more-losses-likely","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=11982","title":{"rendered":"Bitcoin price hits $27.2K, but new analysis warns more losses &#8216;likely&#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) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours.<\/p>\n<p><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/p>\n<h2>BTC price gains over 7% in two days<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD spiking to $27,200 on Bitstamp.<\/p>\n<p>Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week\u2019s final Wall Street trading session.<\/p>\n<p>\u201cStrong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,\u201d an optimistic Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, reacted. <\/p>\n<p>\u201cPatience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom &amp; potentially new highs to $36-42K still possible.\u201d<em>BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/ Twitter<\/em><\/p>\n<p>Popular trader Daan Crypto Trades noted that there was now potential for a \u201cgap\u201d in CME Bitcoin futures markets to appear at the May 15 open.<\/p>\n<p>\u201cIf BTC holds at current prices, it will open up with a CME gap tomorrow. These gaps to tend to get filled, especially during a ranging environment,\u201d he told Twitter followers. <\/p>\n<p>\u201cIt&#8217;s good to note how during strong trends (up and down), these gaps are more likely to be left open.\u201d<em>CME Bitcoin futures annotated chart. Source: Daan Crypto Trades\/ Twitter<\/em><\/p>\n<p>Earlier in the weekend, Cointelegraph reported on the general cautious tone being adopted by market participants, with Van de Poppe among those demanding for bullish reclaiming of levels around $27,000 before considering long positions.<\/p>\n<p>In an update on the current state of the Binance order book, meanwhile, monitoring resource Material Indicators noted liquidity moving around, along with bid liquidity at $25,400 thinning by around $17 million.<\/p>\n<p lang=\"en\" dir=\"ltr\">#FireCharts shows ~$17M was pulled out of the #BTC buy wall and it doesn&#8217;t appear to have been moved in the order book. <\/p>\n<p>Perhaps it was placed as a conditional limit order that won&#8217;t appear until price reaches their condition, perhaps they took it off the exchange, or maybe they\u2026 pic.twitter.com\/p9cTIs1sJU<\/p>\n<p>\u2014 Material Indicators (@MI_Algos) May 14, 2023<\/p>\n<h2>Bitcoin bulls face tough weekly challenge<\/h2>\n<p>Looking toward the weekly close itself, trader and analyst Rekt Capital was less positive on the immediate prospects.<\/p>\n<p><strong><em>Related:\u00a0\u2018Don\u2019t short when it\u2019s dark green\u2019 \u2014 How to trade the 2024 Bitcoin halving<\/em><\/strong><\/p>\n<p>In analysis on the day, he warned that a close at $27,550 or under would place BTC price at risk of further losses.<\/p>\n<p>\u201cWeekly Close below $27550 (black) would likely spell more downside for price after failing to reclaim $28800 as support (orange),\u201d he commented on the weekly chart.<\/p>\n<p><em>BTC\/USD annotated chart. Source: Rekt Capital\/ Twitter<\/em><\/p>\n<p>Additional findings argued that Bitcoin was likely not repeating its 2019 recovery so far this year.<\/p>\n<p lang=\"en\" dir=\"ltr\">Recent downside for #BTC has pretty much confirmed that 2023 is not like 2019$BTC Weekly Close below $27350 would likely fully confirm this#Crypto #Bitcoin pic.twitter.com\/zWpoHi53aw<\/p>\n<p>\u2014 Rekt Capital (@rektcapital) May 14, 2023<\/p>\n<p><strong><em>Magazine: Alameda\u2019s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express<\/em><\/strong><\/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 async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><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\/bitcoin-price-hits-27-2k-but-new-analysis-warns-more-losses-likely\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price gains over 7% in two days Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD spiking to $27,200 on Bitstamp. Its highest in several days, the performance [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":11983,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-11982","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\/11982","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=11982"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11982\/revisions"}],"predecessor-version":[{"id":11984,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/11982\/revisions\/11984"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/11983"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11982"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11982"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11982"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}