The Bitcoin price experienced a minor setback as it was unable to surpass the $28,000 mark, leading some analysts to keep a close eye on the CME futures gap for a potential dip. As the May monthly close approached, bulls and bears fought to control the momentum with the cryptocurrency showing little change despite the return of the U.S. equities market. As excitement over a possible resolution to the U.S. debt ceiling issue cooled, investors awaited its first test in Congress.
The recent BTC/USD price action suggested an increase in bid liquidity for the pair. However, some traders remained optimistic. Jelle, a popular trader, proposed May 31 as a potentially favorable day for bulls. Additionally, others commented on a potential triple breakout for Bitcoin in terms of market structures.
One of the prominent concerns emerging amidst the stagnant price action was the looming gap in CME futures markets and Bitcoin’s potential to fill it. The past weekend left a blank space in the futures chart between $26,900 and $27,850, hinting at a short-term downside target for the spot price. While a range-bound behavior is expected to persist, some traders have taken the opportunity to analyze other unfilled CME gaps for the year, emphasizing their “need not be neglected” sentiment.
Despite the market’s mixed signals, recent support levels and the emergence of a hidden bullish divergence created a cautiously optimistic environment for Bitcoin supporters. With many investors and traders keeping a close eye on the market’s movements, it will be intriguing to see how the cryptocurrency responds to external factors in the coming days.
Indeed, the conflicting interests that are currently affecting Bitcoin’s price might lead to clearer long-term trends eventually. As the technology and markets continue to evolve, it is essential for crypto enthusiasts to keep up to date with the latest developments and make informed decisions based on accurate analyses. Only time will tell how these current debates play out and what their impact will be on the future of the crypto market as a whole.
Source: Cointelegraph
