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Bitcoin price hits $27.2K, but new analysis warns more losses 'likely'

8aece4cb-dc50-48c0-b62f-8124434f5655.jpeg

Bitcoin may be up 7.5% since Friday, but BTC price action is not giving everyone cause for positivity.

Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours.

c31901b5-feaa-4c4b-9265-7967fbbeec0d.pngBTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

BTC price gains over 7% in two days

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.

“Patience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom & potentially new highs to $36-42K still possible.”
09d9f4ec-114c-4e60-a124-22ec26317972.pngBTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

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.

“It's good to note how during strong trends (up and down), these gaps are more likely to be left open.”
119f8943-f53d-462a-80b0-d604ae3bb663.pngCME Bitcoin futures annotated chart. Source: Daan Crypto Trades/ Twitter

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

— Material Indicators (@MI_Algos) May 14, 2023

Bitcoin bulls face tough weekly challenge

Looking toward the weekly close itself, trader and analyst Rekt Capital was less positive on the immediate prospects.

Related: ‘Don’t short when it’s dark green’ — How to trade the 2024 Bitcoin halving

In analysis on the day, he warned that a close at $27,550 or under would place BTC price at risk of further losses.

“Weekly Close below $27550 (black) would likely spell more downside for price after failing to reclaim $28800 as support (orange),” he commented on the weekly chart.

34a46965-4cc7-4a58-8bb2-5da51dce0fb5.pngBTC/USD annotated chart. Source: Rekt Capital/ Twitter

Additional findings argued that Bitcoin was likely not repeating its 2019 recovery so far this year.

Recent downside for #BTC has pretty much confirmed that 2023 is not like 2019$BTC Weekly Close below $27350 would likely fully confirm this#Crypto #Bitcoin pic.twitter.com/zWpoHi53aw

— Rekt Capital (@rektcapital) May 14, 2023

Magazine: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Source

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  • 15.10.25 18:07 crypto

    Cryptocurrency's digital realm presents many opportunities, but it also conceals complex frauds. It is quite painful to lose your cryptocurrency to scam. You can feel harassed and lost as a result. If you have been the victim of a cryptocurrency scam, this guide explains what to do ASAP. Following these procedures will help you avoid further issues or get your money back. Communication with Marie ([email protected] and WhatsApp: +1 7127594675) can make all the difference.

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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