$27,200 is 'likely' not enough to save BTC from the bears, warns RektCapital.
Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session.
“Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of trading firm Eight,“Patience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom & potentially new highs to $36-42K still possible.
“If BTC holds at current prices, it will open up with a CME gap tomorrow. These gaps to tend to get filled, especially during a ranging environment,” he“It's good to note how during strong trends , these gaps are more likely to be left open.”Earlier in the weekend, Cointelegraphon the general cautious tone being adopted by market participants, with Van de Poppe among those demanding for bullish reclaiming of levels around $27,000 before considering long positions.
In an update on the current state of the Binance order book, meanwhile, monitoring resource Material Indicators noted liquidity moving around, along with bid liquidity at $25,400 thinning by around $17 million.
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