bitcoin (BTC) bounced near multiple support trend lines through June 2, as market indecision remained in place.
Traders are betting on a maximum price of $27,500 BTC
Data of Cointelegraph Pro Markets and TradingView showed that BTC/USD hit lows of $26,519 on Bitstamp after the daily close.
The pair showed few signs of trend reversal as the bull/bear stalemate continued to produce little volatility.
He collection moving averages (MA) as well as the short-term holder (STH) realized priceclose to $26,000 was untested on the intraday time frames.
Analyzing the current setup, popular Crypto trader Ed considered the potential for an upside to $27,500.
"I think we will go lower, but as long as we don't break above $26,000, there is a chance of a bullish surprise," he said in a statement. youtube update up to date.
To break the current impasse, Crypto Ed continued, Bitcoin would, however, have to tackle the area above $27,600.
“Now I think we have recovered towards $27,500 (previous range high resistance) and from there I will possibly look for short positions towards $25,000,” he confirmed.
I go short while we are below the legends of $27,500. No change to my game here as only ETH is taking the stage right now. pic.twitter.com/UQlP7heLxP
— Crypto Tony (@CryptoTony__) June 2, 2023
Fellow Crypto trader Tony also urged caution until $27,500 returned. His attention turned to the largest altcoin Ether (ETH), which recovered from lows of $1,840 at the May monthly close to reach $1,897 on the day.
"I've now gone over the structure and we're really not bullish unless we invest $2,000 in support," however, part of the Twitter comment. warned.
An accompanying chart featured a target of $1,700 or lower in case the $2,000 mark failed to return.
Bitcoin movement "should be here"
Elsewhere, others argued that time was running out for Bitcoin's price to skyrocket, with financial commentator Tedtalksmacro pointing to favorable macro conditions.
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"Treasury + USD yields lower, gold + equities higher," he said. summarized on a comparative performance chart on June 1.
“If Bitcoin is going to move, it should be here imo…TradFi shifting risk again.”
Popular trader Mustache was similarly bullish on a Bitcoin mimicking move based on bullish signals from the S&P 500.
“If the S&P 500 looks bullish, so does Bitcoin,” he concluded in part of his latest market analysis.
If the S&P 500 looks bullish, so too #Bitcoin.
5 months later and everything is going according to plan (see next tweet).
-Breakout from a falling body weight of >1 year
-Retest successful✅
-Reverse head and shoulders
-First (W) -The candle is about to close ABOVE the SMA 100 pic.twitter.com/p36vZZgCoE— ⓗ (@el_crypto_prof) June 1, 2023
Mustache built on existing findings from January, in which it predicted similar moves in Bitcoin if the S&P 500 returns.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.
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