Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

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Bitcoin bulls deal with hard weekly challengeLooking towards the weekly close itself, trader and expert Rekt Capital was less favorable on the instant prospects.Related: Dont brief when its dark green– How to trade the 2024 Bitcoin halvingIn analysis on the day, he alerted that a close at $27,550 or under would position BTC cost at danger of further losses.” Weekly Close below $27550 (black) would likely spell more disadvantage for cost after failing to recover $28800 as support (orange),” he commented on the weekly chart.BTC/ USD annotated chart. Source: Rekt Capital/ TwitterAdditional findings argued that Bitcoin was most likely not repeating its 2019 healing so far this year.Recent downside for #BTC has practically confirmed that 2023 is not like 2019$ BTC Weekly Close listed below $27350 would likely totally confirm this #Crypto #Bitcoin pic.twitter.com/zWpoHi53aw— Rekt Capital (@rektcapital) May 14, 2023

Bitcoin (BTC) looked for to recover $27,000 into the May 14 weekly close as volatility selected up out of hours.BTC/ USD 1-hour candle light chart (Bitstamp). Source: Michaël van de Poppe/ TwitterPopular trader Daan Crypto Trades noted that there was now prospective for a “gap” in CME Bitcoin futures markets to appear at the May 15 open. Source: Rekt Capital/ TwitterAdditional findings argued that Bitcoin was most likely not duplicating its 2019 recovery so far this year.Recent disadvantage for #BTC has quite much verified that 2023 is not like 2019$ BTC Weekly Close listed below $27350 would likely fully confirm this #Crypto #Bitcoin pic.twitter.com/zWpoHi53aw— Rekt Capital (@rektcapital) May 14, 2023

Bitcoin (BTC) sought to recuperate $27,000 into the May 14 weekly close as volatility picked up out of hours.BTC/ USD 1-hour candle chart (Bitstamp).” Strong motions on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2 K,” a positive Michaël van de Poppe, creator and CEO of trading company Eight, reacted. Source: Michaël van de Poppe/ TwitterPopular trader Daan Crypto Trades kept in mind that there was now potential for a “space” in CME Bitcoin futures markets to appear at the May 15 open.

Other Questions People Ask

What does the analysis say about Bitcoin price hitting $27.2K and potential losses?

The recent analysis indicates that while Bitcoin has reached $27.2K, there is a significant risk of further losses. Trader Rekt Capital highlighted that a weekly close below $27,550 could lead to additional downside for Bitcoin, especially after failing to establish $28,800 as a support level. This suggests that traders should be cautious and closely monitor the price movements in the coming days.

How does the current Bitcoin price of $27.2K compare to past trends?

Current trends suggest that Bitcoin's performance in 2023 is not mirroring its recovery in 2019. Analysts have pointed out that the recent downside confirms that this year is unlikely to replicate the bullish patterns seen four years ago. Specifically, a weekly close below $27,350 would solidify this divergence from past trends, indicating a more bearish outlook for Bitcoin.

What should traders consider with Bitcoin at $27.2K?

Traders should be aware of the potential volatility surrounding Bitcoin's price at $27.2K. With analysts warning of possible further losses, it is crucial to set clear stop-loss levels and avoid making impulsive decisions based on short-term fluctuations. Keeping an eye on key support levels, such as $27,550 and $27,350, will help traders gauge the market's direction and adjust their strategies accordingly.

Is there a risk of a gap in Bitcoin futures markets related to the $27.2K price point?

Yes, there is a potential risk of a gap in CME Bitcoin futures markets as Bitcoin hovers around the $27.2K mark. Popular trader Daan Crypto Trades noted that this gap could become apparent at the May 15 open, which may influence trading behavior and market sentiment. Traders should be prepared for possible price adjustments as the market reacts to this development.

What implications does the analysis have for Bitcoin's future price movements?

The analysis suggests that Bitcoin's future price movements could be precarious if it fails to maintain critical support levels. With warnings of more losses likely if the price closes below $27,550, traders may need to reassess their positions and strategies. The current market sentiment indicates a cautious approach is warranted as Bitcoin navigates this challenging phase.