Bitcoin Price Reaches $27.2 But Warnings Ring About More Losses

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During the weekly close of May 14th, Bitcoin tried to recover the $27,000 mark as vitality gained traction during off-hours. Data from cryptocurrency aggregator websites indicated a BTC/USD spike reaching $27.2k on Bitstamp.

This has been the highest for the crypto over quite a few days. The performance was a reflection of about 7.5% profit versus lows in the locality from the final weekly trading session on Wall Street.

The Bitcoin Uptick May Be A Precursor Of A Bigger Storm

Michael van de Poppe, Eight. A trading firm’s, CEO and founder, said that these were strong movements from Bitcoin and showcases his optimism. He called for further patience since flipping $27,200 is only the first of many significant triggers to continue upwards. As such, this might be the bottom temporarily and a further climb to a point between $36k and $42k may be possible.

Daan Crypto Trades, a popular trader, pointed out a potential “gap” forming in the future markets for CME Bitcoin that may appear during the opening on May 15th. Speaking to his followers on Twitter, he explained that should Bitcoin’s current prices hold, the CME gap will be evident the next day. As such, there is a tendency to fill up the gaps, particularly in environments that are ranging.

In an earlier weekend report, Cointelegraph pointed out the market’s overall cautious tone. Van de Poppe was one of the voices demanding a bullish reclamation of levels surrounding $27k before long positions can even be considered. Meanwhile, Material Indicators, a monitoring resource, pointed out the movement of liquidity. It also pointed out the thinning of bid liquidity at $25,400 by about $17Mn. As such, Rekt Capital, an analyst, and a trader, was not as optimistic about Bitcoin’s immediate prospects.