Bitcoin attempted to make a recovery as it sought to hit $27,000 towards the end of the week. Despite the market being volatile, data from Cointelegraph Markets Pro and TradingView showed that BTC/USD had spiked to $27,200 on Bitstamp, reflecting gains of approximately 7.5% versus local lows from the week’s final Wall Street trading session. Michaël van de Poppe, founder and CEO of trading firm Eight, was optimistic about the situation, stating that “flipping $27.2K is the first serious trigger for continuation upwards.”
Potential for Gap in CME Bitcoin Futures Markets
Popular trader Daan Crypto Trades noted that with BTC holding at current prices, there was potential for a “gap” in CME Bitcoin futures markets to appear at the May 15 open. These gaps tend to get filled, especially during a ranging environment. However, market participants remain cautious, with Van de Poppe among those demanding the bullish reclaiming of levels around $27,000 before considering long positions.
Looking towards the weekly close, trader and analyst Rekt Capital was less positive on the immediate prospects. He warned that a close at $27,550 or under would place BTC price at risk of further losses. Additionally, experts argue that Bitcoin is unlikely to repeat its 2019 recovery this year. Despite this, the market remains unpredictable and volatile, with investors and traders keeping a watchful eye on BTC’s performance.