BTC price retests $27K, Bitcoin risks ‘new lows’ by monthly close
On May 31, Bitcoin (BTC) went down to $27,000 due to weakness prevailing into the monthly close. Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it continued to lose momentum after local highs near $28,500. Traders and analysts warned that now was a make-or-break point for the short-term trend. Michaël van de Poppe, founder and CEO of trading firm Eight, summarized that a crucial area is approaching for Bitcoin and if it sustains as support and Bitcoin will be able to reclaim $27,500, then it looks like we’ll continue the upwards trend. However, if it drops beneath $26,600, then new lows will be seen. Trader Skew added that spot buy liquidity on the largest global exchange, Binance, had been taken, with a reversal now required to avoid a retest of the 200-week moving average (MA) which had functioned as earlier support at just above $26,000. Skew further commented that BTC/USD was testing several exponential MAs on the day in a “pretty important” performance. Continuing on the Binance order book, monitoring resource Material Indicators had some predictions for how the monthly close could play out, stating that liquidity consolidating into the range should dampen volatility heading into the monthly close. Offering some hope in the event of upside returning, popular analyst Philip Swift noted liquidity lying in wait above $30,000. Swift suggested that any breakout could gain “momentum” and potentially head to $35,000.