Bitcoin offers ‘good signs’ as analysts retain $40K BTC price target

Bitcoin saw five-day highs on May 15 as a rebound continued after the Wall Street open.BTC/ USD 1-hour candle light chart on Bitstamp. Source: TradingView$ 40,000 “still a magnet” for BTC priceData from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,666 on Bitstamp.Bitcoin (BTC) on Bitstamp held strength on per hour timeframes after a weekly close simply below the $27,000 mark.With United States equities in a tight range on the day, crypto experts looked for hints over where markets might go next.For Michaël van de Poppe, creator and CEO of trading firm Eight, the outlook was great.” Bitcoin breaks upwards and tests $27,600. Excellent signs,” he summarized.” Weekly timeframe; Holding 200 MA and EMA. I think were continuing towards $38,000-42,000 from here.” Van de Poppe referenced the 200-week moving average and rapid moving average, these seeing a retest late last week after operating as support for two months.BTC/ USD annotated chart. Source: Michaël van de Poppe/Twitter” Im a fan of this breakdown/ reclaim,” popular trader Kaleo continued together with a four-hour chart of Bybits BTC/USD continuous swaps. “See this a quite strong r/r long setup for a prospective return to variety highs. And yes, $40K is still a magnet.” BTC/USD perpetual contract annotated chart. Source: Skew/ TwitterExamining the state of the BTC/USD Binance order book, meanwhile, keeping track of resource Material Indicators concluded that volatility was thus far absent.Hope you had an excellent weekend. After the Weekly Candle Close/Open we do not have brand-new #TrendPrecognition signals in the #BTC W or D timespan however its worth keeping in mind that the A1 Slope line has actually gone back to upward on the W chart which suggests a boost in bullish momentum. pic.twitter.com/comKCiX6BL— Material Indicators (@MI_Algos) May 15, 2023

5 things to know in Bitcoin this weekWhereas these culminated with BTC/USD striking two-month lows under $26,000, the brand-new week began with the opposite setup– crypto market strength versus a comedown in the U.S. Dollar Index (DXY). Dollar taking a breather today as we see crypto assets recuperate,” popular trader Wick reacted.Fellow trader Crypto Tony kept in mind a “extremely strong” close for DXY might continue to push crypto.U.S. Dollar Index (DXY) 1-hour candle chart.

Bitcoin saw five-day highs on May 15 as a rebound continued after the Wall Street open.BTC/ USD 1-hour candle chart on Bitstamp.” Van de Poppe referenced the 200-week moving rapid and average moving average, these seeing a retest late last week after working as support for 2 months.BTC/ USD annotated chart. Source: Michaël van de Poppe/Twitter” Im a fan of this breakdown/ reclaim,” popular trader Kaleo continued together with a four-hour chart of Bybits BTC/USD continuous swaps.” BTC/USD continuous agreement annotated chart.