Bitcoin’s recent price surge of 7.5% since Friday may have brought some optimism, but not everyone is convinced of a sustained upward trend. On May 14, Bitcoin attempted to reclaim $27,000 before the weekly close, showing increased volatility.
BTC/USD spiked to $27,200 on Bitstamp, marking its highest level in several days. Trading firm Eight’s founder and CEO, Michaël van de Poppe, expressed optimism about Bitcoin’s movements, stating that flipping $27.2K could trigger further upward momentum, potentially leading to new highs of $36-42K.
However, some traders cautioned that a potential “gap” could appear in the CME Bitcoin futures markets at the May 15 open, which tends to get filled during ranging market conditions.
Despite the short-term gains, there was a cautious sentiment among market participants. Market analyst Rekt Capital warned that a weekly close below $27,550 could expose Bitcoin to further losses, emphasizing the importance of reclaiming $28,800 as support.
Comparisons were made to Bitcoin’s recovery in 2019, suggesting that the current price action may not follow a similar pattern. Traders and investors are keeping a close eye on the market to determine the direction Bitcoin will take in the coming weeks.