Bitcoin Price Has Gone Down To $26.5K, But Traders Have Eyed Chance For Bullish Surprise


The price of Bitcoin has been bouncing over the last few support trend lines, as it moves into June 2 with the market indecision in full force. According to data that was received from TradingView and Cointelegraph Markets Pro, it was understood that the exchange had been hitting major lows of $26,519 on Bitstamp after the weekly close.

The pair then showed very little signs of a change in the trend as a major stalemate between the bears and bulls continued to produce just a little volatility. The collection of MAs or Moving Averages and the short-term holder has realized the price near $26,000, thus remaining on intraday timeframes mostly. 

Bitcoin Needs To Tread Carefully

After careful analysis of the current setup, Crypto Ed, a popular trader, went on to consider the potential for upside topping out at $27,500. In a YouTube update, he stated that he believed that Bitcoin would be going down, but as long as it did not break that $26,000, there would always be a chance for a bullish surprise.

In order to break this current impasse, the trader continued that the cryptocurrency would have to tackle the area that was situated above $27,600. He confirmed that they were thinking of bouncing back toward $27,500, where the resistance of the previous range was high.

Crypto Tony, another fellow trader, also urged Bitcoin investors to maintain some semblance of caution until $27,500 returned. His focus was on the largest altcoin Ether, which had renounced from the lows of $1,840 at the monthly close of May to hit $1,897 on the day.