Bitcoin saw five-day highs on May 15 as a rebound continued after the Wall Street open.

$40,000 “still a magnet” for BTC price

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,666 on Bitstamp.

Bitcoin (BTC) on Bitstamp held strength on hourly timeframes after a weekly close just below the $27,000 mark.

With United States equities in a tight range on the day, crypto analysts looked for cues over where markets might go next.

For Michaël van de Poppe, founder and CEO of trading firm Eight, the outlook was good.

“Bitcoin breaks upwards and tests $27,600. Good signs,” he summarized.

“Weekly timeframe; Holding 200 MA and EMA. I think we’re continuing towards $38,000-42,000 from here.”

Van de Poppe referenced the 200-week moving average and exponential moving average, these seeing a retest late last week after functioning as support for two months.

“I’m a fan of this breakdown / reclaim,” popular trader Kaleo continued alongside a four-hour chart of Bybit’s BTC/USD perpetual swaps.

“See this a pretty solid r/r long setup for a potential move back to range highs. And yes, $40K is still a magnet.”

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Author: William Suberg

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