On May 13th, Bitcoin (BTC) tried to pass the $27,000 mark following new lowest levels over the past two months due to a “scam wick”. Data from cryptocurrency aggregator websites kept track of Bitcoin through its recovery attempt from a $25,800 flash dip that occurred on Bitstamp.
What Does The Graphs Show For BTC?
The BTC/USD pair witnessed vulnerability following the beginning of the final trading session on Wall Street for the past week. For a short time, it managed to slice past the important moving averages over 100 days as well as 200 days. However, it rebounded afterward.
With the weekend progressing, participants in the BTC market were uncertain as to what would be the most likely immediate future for the cryptocurrency. Daan Crypt Traders said to his followers on Twitter that it was a satisfactory daily close. For them, the important deciding factor is going to be whether BTC managed to stick at the $26.5K mark in the following days.
Eight, the trading firm’s, CEO and founder, Michael van de Poppe confirmed these sentiments by saying that the daily candle of May 12th had become “good”. Analysis preceding the lows that happened in the locality similarly marked out the $26.5k as a significant level that needs reclaiming before investors should think about considering long positions in BTC.
Crypto Tony, a fellow trader, the level for a potentially extended flip stood at a higher mark – $27,300. This comes despite the overnight “nice bounce”. In a later tweet from the trader on the same day, he added that the market has also now entered the weekend, meaning a far lesser rate of liquidity. However, Material Indicators, a monitoring resource, were far less optimistic about the immediate prospects of BTC.