Bitcoin (BTC<\/a>) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD spiking to $27,200 on Bitstamp.<\/p>\n Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week\u2019s final Wall Street trading session.<\/p>\n \u201cStrong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,\u201d an optimistic Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, reacted<\/a>. <\/p>\n \u201cPatience, 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.\u201d<\/p><\/blockquote>\n Popular trader Daan Crypto Trades noted that there was now potential for a \u201cgap\u201d in CME Bitcoin futures markets to appear at the May 15 open.<\/p>\n \u201cIf 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,\u201d he told<\/a> Twitter followers. <\/p>\n \u201cIt’s good to note how during strong trends (up and down), these gaps are more likely to be left open.\u201d<\/p><\/blockquote>\n Earlier in the weekend, Cointelegraph reported<\/a> on 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.<\/p>\n 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.<\/p>\n #FireCharts<\/a> shows ~$17M was pulled out of the #BTC<\/a> buy wall and it doesn’t appear to have been moved in the order book. <\/p>\n Perhaps it was placed as a conditional limit order that won’t appear until price reaches their condition, perhaps they took it off the exchange, or maybe they\u2026 pic.twitter.com\/p9cTIs1sJU<\/a><\/p>\n \u2014 Material Indicators (@MI_Algos) May 14, 2023<\/a><\/p><\/blockquote>\n Looking toward the weekly close itself, trader and analyst Rekt Capital was less positive on the immediate prospects.<\/p>\n Related:\u00a0\u2018Don\u2019t short when it\u2019s dark green\u2019 \u2014 How to trade the 2024 Bitcoin halving<\/a><\/em><\/strong><\/p>\n In analysis on the day, he warned that a close at $27,550 or under would place BTC price at risk of further losses<\/a>.<\/p>\n \u201cWeekly Close below $27550 (black) would likely spell more downside for price after failing to reclaim $28800 as support (orange),\u201d he commented on the weekly chart.<\/p>\n Additional findings argued that Bitcoin was likely not repeating its 2019 recovery so far this year.<\/p>\n Recent downside for #BTC<\/a> has pretty much confirmed that 2023 is not like 2019$BTC<\/a> Weekly Close below $27350 would likely fully confirm this#Crypto<\/a> #Bitcoin<\/a> pic.twitter.com\/zWpoHi53aw<\/a><\/p>\n \u2014 Rekt Capital (@rektcapital) May 14, 2023<\/a><\/p><\/blockquote>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/c31901b5-feaa-4c4b-9265-7967fbbeec0d.png\")
BTC price gains over 7% in two days<\/h2>\n
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Bitcoin bulls face tough weekly challenge<\/h2>\n
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