Bitcoin price hits $27.2K, but new analysis warns more losses 'likely'
Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp.
Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session.
“Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.
Popular trader Daan Crypto Trades noted that there was now potential for a “gap” in CME Bitcoin futures markets to appear at the May 15 open.
“If BTC holds at current prices, it will open up with a CME gap tomorrow. These gaps to tend to get filled, especially during a ranging environment,” he told Twitter followers.
Earlier in the weekend, Cointelegraph reported on the general cautious tone being adopted by market participants, with Van de Poppe among those demanding for bullish reclaiming of levels around $27,000 before considering long positions.
In an update on the current state of the Binance order book, meanwhile, monitoring resource Material Indicators noted liquidity moving around, along with bid liquidity at $25,400 thinning by around $17 million.
#FireCharts shows ~$17M was pulled out of the #BTC buy wall and it doesn't appear to have been moved in the order book. Perhaps it was placed as a conditional limit order that won't appear until price reaches their condition, perhaps they took it off the exchange, or maybe they… pic.twitter.com/p9cTIs1sJU
Looking toward the weekly close itself, trader and analyst Rekt Capital was less positive on the immediate prospects.
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