Bitcoin wicks down to $26.5K, but trader eyes chance for ‘bullish surprise’

Bitcoin (BTC) bounced adjacent aggregate enactment inclination lines into June 2 arsenic marketplace indecision remained successful force.

BTC/USD 1-hour candle illustration connected Bitstamp. Source: TradingView

Traders stake connected $27,500 BTC terms ceiling

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,519 connected Bitstamp aft the regular close.

The brace showed small signs of inclination alteration arsenic a stalemate betwixt bulls and bears continued to nutrient small volatility.

The collection of moving averages (MAs), arsenic good arsenic the short-term holder (STH) realized price, adjacent $26,000 frankincense stayed untested connected intraday timeframes.

Analyzing the existent setup, fashionable trader Crypto Ed considered the imaginable for upside topping retired astatine $27,500.

“I bash deliberation we spell down, but arsenic agelong arsenic we bash not interruption that $26,000, determination is simply a accidental for a bullish surprise,” helium said successful a YouTube update connected the day.

To interruption the existent impasse, Crypto Ed continued, Bitcoin would nevertheless request to tackle the country supra $27,600.

“Now I deliberation we bounce backmost toward $27,500 — absorption of the erstwhile scope precocious — and from determination I volition beryllium looking for, possibly, shorts toward $25,000,” helium confirmed.

— Crypto Tony (@CryptoTony__) June 2, 2023

Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His absorption was connected largest altcoin Ether (ETH), which rebounded from lows of $1,840 astatine the May monthly adjacent to deed $1,897 connected the day.

"Now one person gone implicit the operation and we truly are not bullish unless we flip $2,000 into support," portion of Twitter commentary nevertheless warned.

An accompanying illustration presented a people of $1,700 oregon little should the $2,000 people neglect to flip.

ETH/USD annotated chart. Source: Crypto Tony/ Twitter

Bitcoin determination "should beryllium here"

Elsewhere, others argued that clip was ticking for Bitcoin terms to interruption out, with fiscal commentator Tedtalksmacro flagging favorable macro conditions.

Related: Bitcoin hodlers exited ‘capitulation’ supra $20K, caller metric hints

“Treasury yields + USD lower, golden + equities higher,” helium summarized astir a comparative show illustration connected June 1.

“If Bitcoin is going to move, it should beryllium present imo... TradFi shifting risk-on again.”

Bitcoin vs. macro assets comparison. Source: Tedtalksmacro/ Twitter

Popular trader Moustache was arsenic upbeat astir a Bitcoin copycat determination based connected bullish signals from the S&P 500.

“If the S&P 500 looks bullish, truthful does Bitcoin,” helium concluded successful portion of his latest marketplace analysis.

— ⓗ (@el_crypto_prof) June 1, 2023

Moustache built connected existing findings from January, successful which helium predicted akin moves connected Bitcoin should the S&P 500 signifier a comeback.

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This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.