Some people claim that Bitcoin sentiment is too pessimistic, and BTC prices protect the key moving average trend line.Due to the traders' call to change the "bearish" market sentiment of Bitcoin, the gold price held its recent rise on May 27
Some people claim that Bitcoin sentiment is too pessimistic, and BTC prices protect the key moving average trend line.
Due to the traders' call to change the "bearish" market sentiment of Bitcoin, the gold price held its recent rise on May 27.
Traders are waiting for 'significant changes' in BTC prices
BTC/USD enters the weekend, with a price of approximately $26700.
This week's US macroeconomic data unexpectedly came to an end as the new Personal Consumption Expenditure (PCE) index showed that the economy had better withstood a tighter financial environment than expected.
Subsequently, the market began to digest the expectation of the Federal Reserve raising interest rates in June, which should have a negative impact on risky assets, but failed to curb the rebound in BTC prices.
However, despite the price rebound, some people's emotions are still too cautious.
The retail industry is very bearish compared to bitcoin and cryptocurrency, which is almost crazy, "said Michael van de Poppe, founder and CEO of trading company Eight.
People are stuck in the mindset of 2022
Popular trader Skew pointed out that Bitcoin has a strong reaction at the 200 week moving average (MA) near $26000 and is currently facing more key trend line challenges.
The price is attempting to recover 100DMA after a significant increase from 200WMA. The price is currently fixed between 4HEMA and 1DEMA, "according to an analysis of the 4-hour BTC/USD chart the day before.
Major measures are expected to occur soon, and the turning point is here
BTC/USD1 candle chart with moving averages of 100 days and 200 weeks.
Other opinions concluded that the "foam" had been eliminated from the exchange, and the open position contract of Binance, the exchange with the largest trading volume, exceeded 300 million dollars.
Skew is not the only well-known voice calling for a significant shift in BTC's pricing behavior in the future. This week, Glassnode's Chief Chain Analyst Checkmate predicted, "Big action is coming soon
Subsequently, an overview of some key chain indicators will place BTC/USD at the 'decision point'.
Bitcoin prices are still "consolidating"
Traders and analysts RektCapital say additional strength is still needed to reverse the bullish trajectory.
Model Countdown to Bitcoin Record High
"BTC is still in the middle of the red downward channel, just consolidating the red resistance area here. If market sentiment changes decisively in the short term, it must break through this key resistance area," he wrote, referring to the 1-day chart schedule.
BTC/USD annotated chart.
The chart also shows the bearish head and shoulder pattern, which RektCapital had previously warned could lead to a long-term bearish phase, including a decline towards $20000.
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