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

Bitcoin (BTC) sought to recuperate $27,000 into the May 14 weekly close as volatility chose up out of hours.BTC/ USD 1-hour candle chart (Bitstamp).” Strong motions on Bitcoin as it swept all the lows in recent relocations and grinds back up to $27.2 K,” an optimistic 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 possible for a “gap” in CME Bitcoin futures markets to appear at the May 15 open.

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

Bitcoin bulls deal with hard weekly challengeLooking towards the weekly close itself, trader and analyst Rekt Capital was less favorable on the instant prospects.Related: Dont short 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 place BTC rate at risk of additional losses.” Weekly Close listed below $27550 (black) would likely spell more disadvantage for price after stopping working to recover $28800 as support (orange),” he talked about the weekly chart.BTC/ USD annotated chart. Source: Rekt Capital/TwitterAdditional findings argued that Bitcoin was likely not repeating its 2019 recovery up until now this year.Recent disadvantage for #BTC has basically confirmed that 2023 is not like 2019$ BTC Weekly Close listed below $27350 would likely totally confirm this #Crypto #Bitcoin pic.twitter.com/zWpoHi53aw— Rekt Capital (@rektcapital) May 14, 2023