Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
On May 15, Bitcoin reached five-day highs as the recovery persisted following the opening of Wall Street.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView
$40,000 “remains an attraction” for BTC price
Data from Cointelegraph Markets Pro and TradingView indicated that BTC/USD hit $27,666 on Bitstamp.
Bitcoin (BTC) on Bitstamp maintained its strength on hourly charts after a weekly close just below the $27,000 threshold.
With U.S. equities trading within a narrow range for the day, cryptocurrency analysts sought indicators for potential market direction.
Michaël van de Poppe, founder and CEO of trading firm Eight, expressed a positive outlook.
“Bitcoin breaks upward and tests $27,600. Positive signs,” he noted.
“Weekly timeframe; Holding 200 MA and EMA. I believe we’re moving towards $38,000-42,000 from this point.”
Van de Poppe referred to the 200-week moving average and exponential moving average, which were retested late last week after serving as support for two months.
BTC/USD annotated chart. Source: Michaël van de Poppe/Twitter
“I appreciate this breakdown/reclaim,” noted popular trader Kaleo alongside a four-hour chart of Bybit’s BTC/USD perpetual swaps.
“This appears to be a solid risk/reward long setup for a possible move back to range highs. And indeed, $40K remains an attraction.”
Related Posts
BTC/USD perpetual contract annotated chart. Source: Skew/ Twitter
In analyzing the BTC/USD Binance order book, monitoring resource Material Indicators determined that volatility was currently absent.
Hope you had a pleasant weekend.
Following the Weekly Candle Close/Open, we do not have new #TrendPrecognition signals in the #BTC W or D timeframe; however, it’s noteworthy that the A1 Slope line has reverted to an upward trend on the W chart, indicating a rise in bullish momentum. pic.twitter.com/comKCiX6BL— Material Indicators (@MI_Algos) May 15, 2023
Trader Skew remarked that the markets were “largely” influenced by Binance spot buyers.
“Coinbase spot initiated this movement with a strong positive spot delta (market buying),” part of the Twitter commentary highlighted regarding the day’s increase.
Dollar retraces part of rapid gains
In other news, focus remained on the strength of the U.S. dollar following a week of significant gains.
Related: Sink or swim at $27K? 5 things to know in Bitcoin this week
While these culminated in BTC/USD reaching two-month lows below $26,000, the new week commenced with a contrasting scenario — strength in the crypto market against a decline in the U.S. Dollar Index (DXY).
“It’s remarkable how inversely correlated crypto has become to the Dollar. The Dollar is taking a pause today as we observe a recovery in crypto assets,” popular trader Wick commented.
Another trader, Crypto Tony, pointed out that a “very strong” close for DXY could continue to exert pressure on crypto.
U.S. Dollar Index (DXY) 1-hour candle chart. Source: TradingView
Magazine: Alameda’s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express
This article does not offer investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research before making any choices.
