{"id":12196,"date":"2023-06-03T16:49:50","date_gmt":"2023-06-03T16:49:50","guid":{"rendered":"https:\/\/cryptoheretostay.com\/?p=12196"},"modified":"2023-06-03T16:49:51","modified_gmt":"2023-06-03T16:49:51","slug":"bitcoin-wicks-down-to-26-5k-but-trader-eyes-chance-for-bullish-surprise","status":"publish","type":"post","link":"https:\/\/cryptoheretostay.com\/?p=12196","title":{"rendered":"Bitcoin wicks down to $26.5K, but trader eyes chance for \u2018bullish surprise\u2019"},"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) bounced near multiple support trend lines into June 2 as market indecision remained in force.<\/p>\n<p><em>BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView<\/em><\/p>\n<h2>Traders bet on $27,500 BTC price ceiling<\/h2>\n<p>Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD hitting lows of $26,519 on Bitstamp after the daily close.<\/p>\n<p>The pair showed little signs of a trend change as a stalemate between bulls and bears continued to produce little volatility.<\/p>\n<p>The collection of moving averages (MAs)\u00a0and the short-term holder (STH)\u00a0realized price\u00a0near $26,000, thus staying untested on intraday timeframes.<\/p>\n<p>Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500.<\/p>\n<p>\u201cI do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise,\u201d he said in a YouTube update on the day.<\/p>\n<p>To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600.<\/p>\n<p>\u201cNow I think we bounce back toward $27,500 \u2014 resistance of the previous range high \u2014 and from there I will be looking for, possibly, shorts toward $25,000,\u201d he confirmed.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC \/ $USD &#8211; Update <\/p>\n<p>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<\/p>\n<p>\u2014 Crypto Tony (@CryptoTony__) June 2, 2023<\/p>\n<p>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.<\/p>\n<p>&#8220;Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support,&#8221; part of Twitter commentary\u00a0warned. <\/p>\n<p>An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.<\/p>\n<p><em>ETH\/USD annotated chart. Source: Crypto Tony\/ Twitter<\/em><\/p>\n<h2>Bitcoin move \u201cshould be here\u201d<\/h2>\n<p>Elsewhere, others argued that time was ticking for Bitcoin price to break out, with financial commentator Tedtalksmacro flagging favorable macro conditions.<\/p>\n<p><strong><em>Related:\u00a0Bitcoin hodlers exited \u2018capitulation\u2019 above $20K, new metric hints<\/em><\/strong><\/p>\n<p>\u201cTreasury yields + USD lower, gold + equities higher,\u201d he summarized about a comparative performance chart on June 1. <\/p>\n<p>\u201cIf Bitcoin is going to move, it should be here imo&#8230; TradFi shifting risk-on again.\u201d<em>Bitcoin vs. macro assets comparison. Source: Tedtalksmacro\/ Twitter<\/em><\/p>\n<p>Popular trader Moustache was equally upbeat about a Bitcoin copycat move based on bullish signals from the S&amp;P 500.<\/p>\n<p>\u201cIf the S&amp;P 500 looks bullish, so does Bitcoin,\u201d he concluded in part of his latest market analysis.<\/p>\n<p lang=\"en\" dir=\"ltr\">$BTC <\/p>\n<p>If the S&amp;P 500 looks bullish, so does #Bitcoin.  <\/p>\n<p>5 months later and everything is going according to plan (see next tweet).   <\/p>\n<p>-Breakout from a &gt;1-Year Descending BW <br \/>-Successful retest\u2705<br \/>-Inverse Head &amp; Shoulder <br \/>-First (W)-Candle is about to close ABOVE the SMA 100 pic.twitter.com\/p36vZZgCoE<\/p>\n<p>\u2014 \u24d7  (@el_crypto_prof) June 1, 2023<\/p>\n<p>Moustache built on existing findings from January, in which he predicted similar moves on Bitcoin should the S&amp;P 500 stage a comeback.<\/p>\n<p><strong><em>Magazine: AI Eye: 25K traders bet on ChatGPT\u2019s stock picks, AI sucks at dice throws, and more<\/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-wicks-down-to-26-5k-but-trader-eyes-chance-for-bullish-surprise\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":12197,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_wp_rev_ctl_limit":""},"categories":[2],"tags":[],"class_list":["post-12196","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\/12196","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=12196"}],"version-history":[{"count":1,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12196\/revisions"}],"predecessor-version":[{"id":12198,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/posts\/12196\/revisions\/12198"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=\/wp\/v2\/media\/12197"}],"wp:attachment":[{"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12196"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12196"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoheretostay.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12196"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}