Bitcoin (BTC) bounced close to multiple support trend lines on June 2, while the market was still uncertain.
Traders bet on $27,500 BTC price ceiling
Data from Cointelegraph Markets Pro and TradingView revealed that BTC/USD dropped to a low of $26,519 on Bitstamp after the daily close.
There was no indication of a shift in the market as the ongoing battle between buyers and sellers led to a lack of price fluctuations.
The collection of MAs and the STH observed a price close to $26,000, thus avoiding being tested on intraday timeframes.
Crypto Ed, a well-known trader, examined the possibilities of the current setup and concluded that the maximum upside could reach $27,500.
“I am of the opinion that we will decline, however, if we do not dip below $26,000, there is potential for a positive surprise,” he stated in a YouTube update on the day.
In order to resolve the current stalemate, Crypto Ed went on to say that Bitcoin would need to surpass the $27,600 mark.
He confirmed that they could expect a rebound to $27,500, the resistance of the previous range high, and then potentially a short towards $25,000.
Crypto Tony, another trader, also cautioned against making any moves until the $27,500 mark was reached again. His attention was on Ether (ETH), the biggest altcoin, which had recovered from its May monthly low of $1,840 and had reached $1,897 on the same day.
“The Twitter commentary cautioned that, unless we manage to convert $2,000 into support, we will not be optimistic about the structure we have gone over.”
The accompanying chart indicated that if the $2,000 mark did not flip, the target should be $1,700 or lower.
Bitcoin move “should be here”
Elsewhere, it was argued that the clock was running out for Bitcoin’s price to surge, with financial commentator Tedtalksmacro noting the favorable macroeconomic conditions.
Bitcoin holders who exited the “capitulation” phase above $20K may have been indicated by a new metric.
He summed up the comparative performance chart from June 1, noting that “Treasury yields were lower while the USD, gold and equities were higher.”
Popular trader Moustache was very positive about a Bitcoin-inspired action based on the bullish indications from the S&P 500.
He concluded that if the S&P 500 appears to be bullish, then Bitcoin likely will be too, as part of his most recent market analysis.
Moustache based his predictions about Bitcoin on existing findings from January, which anticipated similar movements should the S&P 500 stage a recovery.
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