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.

Publication: Alamedas $38B IRS expense, Do Kwon kicked in the properties, Milady craze: Asia ExpressThis article does not include financial investment suggestions or recommendations. Every financial investment and trading move involves risk, and readers ought to conduct their own research when making a choice.

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

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 managed to recover to $27.2K, there are concerns about further losses. Analysts like Rekt Capital suggest that a weekly close below $27,550 could signal additional downside risk for Bitcoin. This perspective highlights the importance of monitoring key support levels as the market continues to show volatility.

How does the current Bitcoin price of $27.2K compare to previous years?

Current trends suggest that Bitcoin's performance in 2023 is not mirroring its recovery patterns from 2019. Analysts have pointed out that the recent downside movements confirm that this year is distinct from past recoveries. Specifically, the failure to reclaim $28,800 as support raises concerns about the sustainability of the current price level.

What should investors consider with Bitcoin's price at $27.2K?

Investors should be cautious as Bitcoin's price hovers around $27.2K, especially given the warnings of potential further losses. The analysis suggests that a close below $27,550 could lead to increased downside pressure. Therefore, it's crucial for investors to conduct thorough research and consider market volatility before making any trading decisions.

What are the implications of a potential gap in CME Bitcoin futures markets?

The potential gap in CME Bitcoin futures markets, as noted by trader Daan Crypto Trades, could have significant implications for Bitcoin's price movement. Such gaps often indicate shifts in market sentiment and can lead to increased volatility. Investors should be aware of these developments as they may influence trading strategies and market expectations surrounding Bitcoin's future performance.

What factors are contributing to the volatility around Bitcoin's price at $27.2K?

The volatility surrounding Bitcoin's price at $27.2K can be attributed to several factors, including market sentiment and key technical levels. The analysis from various traders highlights the importance of monitoring weekly closes and support levels, which can dictate future price movements. Additionally, external market conditions and investor behavior play a critical role in shaping Bitcoin's volatility during this period.