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Sink or swim at $27K? 5 things to know in Bitcoin this week

edbf5569-ec36-48c9-a23e-718b2ae09078.jpg

Bitcoin bulls and bears battle for control of a key area on the BTC chart, with network fundamentals due new all-time highs.

Bitcoin (BTC) is fighting for the bull trend as the new week begins with the market acting within a crucial zone.

After closing the weekly candle at just below $27,000, BTC/USD is attempting to cement support as a stubborn trading zone holds.

The stakes are already high — last week saw a flash dip below $26,000 and two-month lows for Bitcoin, making traders fearful of a larger bearish breakdown to come.

While this has not materialized, nerves remain on both shorter and longer timeframes.

Where is price action likely headed next? A relatively cool week of macro triggers means less chance of volatility from external sources.

Add to that the upcoming difficulty adjustment taking it to yet another all-time high, and the case could well be made for upside continuation.

Cointelegraph takes a look at some of the major BTC price factors affecting the week ahead.

Bitcoin price weekly close offers mixed signals

After clinching a weekly close at around $27,930, Bitcoin is already headed higher, reaching $27,550 overnight, data from Cointelegraph Markets Pro and TradingView shows.

While encouraging, the close nonetheless marked Bitcoin’s weakest since mid-March - something popular trader and analyst Rekt Capital is keenly aware of.

In part of Twitter analysis on the day, he warned that $27,600 was now the level to flip to support.

“First, BTC failed to reclaim the $28800 level on the Weekly (orange). And then $BTC Weekly Closed below $27600, failing to hold it as support (black),” he summarized alongside a chart showing recent weekly-timeframe events.

“Turn $27600 into resistance and this could enable further downside into the low $20000s.”
98c8531b-9679-4671-88fc-9bcd1cbd08db.jpegBTC/USD annotated chart. Source: Rekt Capital/ Twitter

That perspective reinforces existing warnings from the weekend, and adds to a small group of well-known pundits still entertaining the possibility of a significant BTC price retracement.

Continuing, however, Rekt Capital now sounded more upbeat about Bitcoin overall, looking beyond the current correction and its potential target.

“Bitcoin has already broken its Downtrend. Now it's all about continuing the new Uptrend,” another tweet reasoned.

“Whether a retest is needed or not is the question. But history suggests the mid-term to long-term outlook looks bullish.”

On weekly timeframes, the key trend line looming large thus remains the 200-week moving average (WMA), which at $26,200 has already received its first retest.

7ae95062-e891-4e2c-8aa0-93098f98d720.pngBTC/USD 1-week candle chart (Bitstamp) with 200MA. Source: TradingView

Rekt Capital described the retest as “successful,” but reiterated the need to reclaim $27,600 next.

“Situation is very dynamic at this time,” he added.

Litecoin leads Bitcoin, altcoin "continuation"

Others gave more credence to the strength of short-timeframe rebound action into the new week.

Michaël van de Poppe, founder and CEO of trading firm Eight, described BTC/USD as “ready for continuation.”

“Holding crucial level at $27K and we'll be ready for a potential run towards the highs,” part of a Twitter update stated, adding that Litecoin (LTC) was giving a taste of what might be to come.

LTC/USD traded up over 8% in the 24 hours to the time of writing, hitting its highest since May 6.

6ab89ebb-e73e-49a8-a8f5-6e5def58b53a.pngBTC/USD annotated chart. Source: Michaël van de Poppe/Twitter

Likewise preferring the longer-term trend was popular trader Moustache, who considered current weaker price moves as Bitcoin and altcoins taking a “breather.”

“Opinion remains unchanged. Just a breather before things go really crazy,” commentary on a chart of the total crypto market cap read.

“To the bears: I'll say it once and never again. You cannot compare a monthly chart with a daily chart.”
399f993d-3569-45af-9c09-bea36cd16f57.jpegTotal crypto market cap annotated chart. Source: Moustache/ Twitter

Trader and analyst Trader Tardigrade, also known as Alan, made similarly bullish forecasts based on Bitcoin’s weekly relative strength index (RSI) readings.

For him, even the weekly close was cause for optimism.

#Bitcoin weekly candle closed.
We've seen $BTC closed above a major support with stop hunt done.
RSI stays above 50 indicating a Bull bias.#BTC #Crypto pic.twitter.com/VXg6kM78dQ

— Trader Tardigrade (@TATrader_Alan) May 15, 2023

Flood of Fed speakers culminates with Chair Powell

Those seeking some macroeconomic risk asset price triggers may be left out this week, as events in the United States are set for calm.

After a ream of macro data prints the week prior, the event of the coming days is set to come in the form of a speech by Jerome Powell, Chair of the Federal Reserve, on May 19.

As financial commentary resource, The Kobeissi Letter, notes, a total of 14 Fed officials are due to deliver commentary in the coming days, with plenty of potential conflicts in store.

You can't make this up, here the Fed members speaking this week:

1. Bostic - Monday
2. Kashkari - Monday
3. Barkin - Monday
4. Cook - Monday
5. Mester - Tuesday
6. Bostic - Tuesday
7. Barr - Tuesday
8. Logan - Tuesday
9. Jefferson - Thursday
10. Barr - Thursday
11. Logan -…

— The Kobeissi Letter (@KobeissiLetter) May 14, 2023

Kobeissi added that volatility “should start to return to markets” as a result.

A separate point of interest meanwhile comes in the form of U.S. dollar strength. In a market update on May 12, trading firm QCP Capital eyed a return to downside for the U.S. dollar index (DXY) as the key event needed for risk assets to get the green light.

“We see USD strength as the main reason capping BTC, which has led to the market's reflexivity blaming known bearish factors such as the large upcoming supply from the US government and Mt. Gox,” it stated.

DXY saw a week of recovery through May 14, having bounced at 101, near its lowest levels since April last year.

a2fa5a13-1b37-4f8d-9486-71cd7c041285.pngU.S. dollar index (DXY) 1-week candle chart. Source: TradingView

BTC mining difficulty set to resume all-time highs

In a return to what has become classic behavior in 2023, Bitcoin network difficulty is once again due new all-time highs.

After its previous adjustment produced a slight retracement, difficulty is due to increase by around 2% this week, according to estimates from BTC.com.

c440896c-bff1-4053-aedb-0eeb0c5d0c42.pngBitcoin network fundamentals overview (screenshot). Source: BTC.com

This will mark continuation of a difficulty uptrend which has marked most of the year, with competition for block subsidies among miners firmly in “up only” mode.

The trend has been unaffected by recent short-lived upheaval in fee markets, and as Cointelegraph reported, miner revenues have increased dramatically as a result.

After a tough 2022, with BTC up 65% YTD and transaction fees rising due to ordinals, Bitcoin miners are now bringing in the most revenue they have in over a year at roughly $40 million a day pic.twitter.com/kWbyIGoGRR

— Will Clemente (@WClementeIII) May 10, 2023

Accompanying estimates for hash rate, depending on source, likewise show the processing power dedicated to mining at or near all-time highs.

9bb5a69a-098b-4ae7-9b20-d4f7ba73e778.pngBitcoin mean hash rate chart. Source: Glassnode

Sentiment flush accompanies market cooling

Some much-needed relief for those worried about overt “greed” impacting crypto markets - sentiment has seen a reset in recent days.

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

After hitting its highest levels since November 2021, the Crypto Fear & Greed Index shows irrational exuberance taking a major hit thanks to the recent cross-asset price comedown.

As of May 15, Fear & Greed measures 50/100 - exactly midway between its two extremes and characteristic of “neutral” market sentiment.

379baf84-7ef9-4043-a011-46cb998ee35f.pngCrypto Fear & Greed Index (screenshot). Source: Alternative.me

In coverage on the day, research firm Santiment noted that recent hype around memecoins has also dissipated, with interest returning to stablecoins in a broad cooling of the mood.

“With Bitcoin at $27.4k and #Ethereum at $1,825, traders continue to sour at the fact that markets have been stagnant,” it argued.

“Stablecoins are seeing major social volume upticks, typically indicative of disinterest in the markets Polarizing assets like $HEX & $PEPE have fallen big.”

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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  • 08.10.23 01:30 davec8080

    The "Shibarium for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH. The Plot Thickens. Someone posted the actual transactions!!!! https://bscscan.com/tx/0xa846ea0367c89c3f0bbfcc221cceea4c90d8f56ead2eb479d4cee41c75e02c97 It seems the article is true!!!! And it's also FUD. Let me explain. Check this link: https://bscscan.com/token/0x5a752c9fe3520522ea88f37a41c3ddd97c022c2f So there really is a "Shibarium" token. And somebody did a rug pull with it. CONFIRMED. But the "Shibarium" token for this confirmed rug pull is a BEP-20 project not related at all to Shibarium, SHIB, BONE or LEASH.

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  • 06.09.24 01:35 Celinagarcia

    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 06.09.24 01:44 Celinagarcia

    HOW TO RECOVER MONEY LOST IN BITCOIN/USDT TRADING OR TO CRYPTO INVESTMENT !! Hi all, friends and families. I am writing From Alberton Canada. Last year I tried to invest in cryptocurrency trading in 2023, but lost a significant amount of money to scammers. I was cheated of my money, but thank God, I was referred to Hack Recovery Wizard they are among the best bitcoin recovery specialists on the planet. they helped me get every penny I lost to the scammers back to me with their forensic techniques. and I would like to take this opportunity to advise everyone to avoid making cryptocurrency investments online. If you ​​​​​​have already lost money on forex, cryptocurrency or Ponzi schemes, please contact [email protected] or WhatsApp: +1 (757) 237–1724 at once they can help you get back the crypto you lost to scammers. BEST WISHES. Celina Garcia.

  • 16.09.24 00:10 marcusaustin

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  • 16.09.24 00:11 marcusaustin

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  • 23.09.24 18:56 matthewshimself

    At first, I was admittedly skeptical about Worldcoin (ref: https://worldcoin.org/blog/worldcoin/this-is-worldcoin-video-explainer-series), particularly around the use of biometric data and the WLD token as a reward mechanism for it. However, after following the project closer, I’ve come to appreciate the broader vision and see the value in the underlying tech behind it. The concept of Proof of Personhood (ref: https://worldcoin.org/blog/worldcoin/proof-of-personhood-what-it-is-why-its-needed) has definitely caught my attention, and does seem like a crucial step towards tackling growing issues like bots, deepfakes, and identity fraud. Sam Altman’s vision is nothing short of ambitious, but I do think he & Alex Blania have the chops to realize it as mainstay in the global economy.

  • 01.10.24 14:54 Sinewclaudia

    I lost about $876k few months ago trading on a fake binary option investment websites. I didn't knew they were fake until I tried to withdraw. Immediately, I realized these guys were fake. I contacted Sinew Claudia world recovery, my friend who has such experience before and was able to recover them, recommended me to contact them. I'm a living testimony of a successful recovery now. You can contact the legitimate recovery company below for help and assistance. [email protected] [email protected] WhatsApp: 6262645164

  • 02.10.24 22:27 Emily Hunter

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 18.10.24 09:34 freidatollerud

    The growth of WIN44 in Brazil is very interesting! If you're looking for more options for online betting and casino games, I recommend checking out Casinos in Brazil. It's a reliable platform that offers a wide variety of games and provides a safe and enjoyable experience for users. It's worth checking out! https://win44.vip

  • 31.10.24 00:13 ytre89

    Can those who have fallen victim to fraud get their money back? Yes, you might be able to get back what was taken from you if you fell prey to a fraud from an unregulated investing platform or any other scam, but only if you report it to the relevant authorities. With the right plan and supporting documentation, you can get back what you've lost. Most likely, the individuals in control of these unregulated platforms would attempt to convince you that what happened to your money was a sad accident when, in fact, it was a highly skilled heist. You should be aware that there are resources out there to help you if you or someone you know has experienced one of these circumstances. Do a search using (deftrecoup (.) c o m). Do not let the perpetrators of this hoaxes get away with ruining you mentally and financially.

  • 02.11.24 14:44 diannamendoza732

    In the world of Bitcoin recovery, Pro Wizard Gilbert truly represents the gold standard. My experience with Gilbert revealed just how exceptional his methods are and why he stands out as the premier authority in this critical field. When I first encountered the complexities of Bitcoin recovery, I was daunted by the technical challenges and potential risks. Gilbert’s approach immediately distinguished itself through its precision and effectiveness. His methods are meticulously designed, combining cutting-edge techniques with an in-depth understanding of the Bitcoin ecosystem. He tackled the recovery process with a level of expertise and thoroughness that was both impressive and reassuring. What sets Gilbert’s methods apart is not just their technical sophistication but also their strategic depth. He conducts a comprehensive analysis of each case, tailoring his approach to address the unique aspects of the situation. This personalized strategy ensures that every recovery effort is optimized for success. Gilbert’s transparent communication throughout the process was invaluable, providing clarity and confidence during each stage of the recovery. The results I achieved with Pro Wizard Gilbert’s methods were remarkable. His gold standard approach not only recovered my Bitcoin but did so with an efficiency and reliability that exceeded my expectations. His deep knowledge, innovative techniques, and unwavering commitment make him the definitive expert in Bitcoin recovery. For anyone seeking a benchmark in Bitcoin recovery solutions, Pro Wizard Gilbert’s methods are the epitome of excellence. His ability to blend technical prowess with strategic insight truly sets him apart in the industry. Call: for help. You may get in touch with them at ; Email: (prowizardgilbertrecovery(@)engineer.com) Telegram ; https://t.me/Pro_Wizard_Gilbert_Recovery Homepage ; https://prowizardgilbertrecovery.info

  • 12.11.24 00:50 TERESA

    Brigadia Tech Remikeable recovery has exhibited unparalleled strength in the realm of recovery. They stand out as the premier team to collaborate with if you encounter withdrawal difficulties from the platform where you’ve invested. Recently, I engaged with them to recover over a million dollars trapped in an investment platform I’d been involved with for months. I furnished their team with every detail of the investment, including accounts, names, and wallet addresses to which I sent the funds. This decision proved to be the best I’ve made, especially after realizing the company had scammed me. Brigadia Tech Remikeable recovery ensures exemplary service delivery and ensures the perpetrators face justice. They employ advanced techniques to ensure you regain access to your funds. Understandably, many individuals who have fallen victim to investment scams may still regret engaging in online services again due to the trauma of being scammed. However, I implore you to take action. Seek assistance from Brigadia Tech Remikeable Recovery Experts today and witness their remarkable capabilities. I am grateful that I resisted their enticements, and despite the time it took me to discover brigadia tech recovery, they ultimately fulfilled my primary objective. Without Brigadia Tech Recovery's intervention, I would have remained despondent and perplexed indefinitely. Also if you are looking for the best and safest investment company you can contact them, for wallet recovery, difficult withdrawal, etc. I am so happy to keep getting my daily BTC, all I do is keep 0.1 BTC in my mining wallet with the help of Brigadia Tech. They connected me to his mining stream and I earn 0.4 btc per day with this, my daily profit. I can get myself a new house and car. I can’t believe I have thousands of dollars in my bank account. Now you can get in. ([email protected]) Telegram +1 (323)-9 1 0 -1 6 0 5

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