Bitcoin (BTC) has experienced a notable recovery, pushing for $27,000 as the May 14 weekly close approached. The volatile cryptocurrency has seen its value increase by over 7% in just two days, as shown in data from Cointelegraph Markets Pro and TradingView. On Bitstamp, BTC/USD spiked to $27,200, marking its highest point in several days.
This boost in value has garnered positive reactions from various experts in the field. Michaël van de Poppe, founder and CEO of trading firm Eight, expressed his optimism for BTC’s performance, noting its strong movements and potential for continued growth. He believes that if this current level is surpassed, it could lead to temporary lows and new highs in the range of $36,000 to $42,000.
However, some traders like Daan Crypto Trades feel that there could be a “gap” forming in CME Bitcoin futures markets by the time May 15 rolls around. This might happen if BTC can maintain its present value. These gaps often get filled in a ranging environment, though they are more likely to be left open amid strong up and down trends.
This cautious tone from market participants may lead some crypto enthusiasts to hold off on getting bullish unless a significant reclaim of the $27,000 levels occurs. With increased attention towards the current status of the Binance order book, monitoring resource Material Indicators also observed liquidity moving around. It’s worth noting that bid liquidity at $25,400 is thinning by around $17 million.
While the recent spike in value sheds a positive light on the world of cryptocurrency, it’s essential for blockchain enthusiasts to weigh both the positive and negative aspects of the current market situation. The general cautious tone being adopted may prolong investments or confirmations of long positions only when certain levels are reached. As BTC continues its tumultuous journey, we must keep a close eye on market trends and projections, ensuring we stay informed and prepared for any changes in the cryptocurrency landscape.
Source: Cointelegraph
