Bitcoin (BTC) witnessed a dip to $26,519 recently, but market participants are still eyeing the possibility for a ‘bullish surprise’, provided the digital asset doesn’t breach the $26,000 mark. Though the market remains indecisive, some traders anticipate BTC price resistance to top out around $27,500. For the bullish trend to gain momentum, BTC will need to tackle the area above $27,600.
Popular trader Crypto Ed shared his thoughts on the current market situation: “I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise.” He also added, “Now I think we bounce back toward $27,500 — resistance of the previous range high — and from there, I will be looking for, possibly, shorts toward $25,000.”
Crypto Tony shares a similar sentiment and focuses on the largest altcoin, Ethereum (ETH). After a rebound from recent lows, the crypto is now trading at around $1,897. Tony cautioned, “Now I have gone over the structure and we really are not bullish unless we flip $2,000 into support.” An accompanying chart revealed a target of $1,700 or lower should the $2,000 mark fail to flip.
Tedtalksmacro, a financial commentator, pointed out favorable macro conditions and stated that if Bitcoin were to move, it should be imminently. Assets like Treasury yields and the US Dollar were down, while gold and equities were on the rise. Tedtalksmacro noted, “If Bitcoin is going to move, it should be here imo… TradFi shifting risk-on again.”
Trader Moustache also provided a positive outlook based on bullish signals from the S&P 500, stating, “If the S&P 500 looks bullish, so does Bitcoin.” While there is significant potential for a bullish trend to emerge, market participants remain cautiously optimistic as both bulls and bears maintain a stalemate for the time being.
Source: Cointelegraph
