Bitcoin (BTC) sought to pass $27,000 on May 13 after a “scam wick” produced new two-month lows.
Traders: BTC price must retain $26,500
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it recovered from a flash dip to $25,800 on Bitstamp.
The pair saw weakness after the start of the week’s final Wall Street trading session, briefly cutting through the key 100-day and 200-week moving averages (MAs) before rebounding.
As the weekend began, market participants were split over the likely course of events to come.
“Nice daily close. Has to hold 26.5K going forward. That’s the line in the sand for me,” Daan Crypto Trades told Twitter followers.
Michaël van de Poppe, founder and CEO of trading firm Eight, agreed that the May 12 daily candle had turned out to be “good.”
Analysis before the local lows likewise flagged $26,500 as an important level to reclaim in order to consider long positions.
#Bitcoin is showing weakness and
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