{"id":51151,"date":"2023-05-16T08:02:58","date_gmt":"2023-05-16T08:02:58","guid":{"rendered":"http:\/\/egrowonline.com\/?p=51151"},"modified":"2023-05-16T08:02:58","modified_gmt":"2023-05-16T08:02:58","slug":"bitcoin-offers-good-signs-as-analysts-retain-40k-btc-price-target","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=51151","title":{"rendered":"Bitcoin offers \u2018good signs\u2019 as analysts retain $40K BTC price target"},"content":{"rendered":"


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Bitcoin saw five-day highs on May 15 as a rebound continued after the Wall Street open.<\/p>\n

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BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView<\/em><\/figcaption><\/figure>\n

$40,000 \u201cstill a magnet\u201d for BTC price<\/h2>\n

Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD reaching $27,666 on Bitstamp.<\/p>\n

Bitcoin (BTC<\/a>) on Bitstamp held strength on hourly timeframes after a weekly close just below the $27,000 mark.<\/p>\n

With United States equities in a tight range on the day, crypto analysts looked for cues over where markets might go next.<\/p>\n

For Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, the outlook was good.<\/p>\n

\u201cBitcoin breaks upwards and tests $27,600. Good signs,\u201d he summarized<\/a>.<\/p>\n

\u201cWeekly timeframe; Holding 200 MA and EMA. I think we\u2019re continuing towards $38,000-42,000 from here.\u201d<\/p><\/blockquote>\n

Van de Poppe referenced the 200-week moving average and exponential moving average, these seeing a retest late last week after functioning as support for two months.<\/p>\n

BTC\/USD annotated chart. Source: Micha\u00ebl van de Poppe\/Twitter<\/em><\/figcaption><\/figure>\n

\u201cI\u2019m a fan of this breakdown \/ reclaim,\u201d popular trader Kaleo continued<\/a> alongside a four-hour chart of Bybit\u2019s BTC\/USD perpetual swaps. <\/p>\n

\u201cSee this a pretty solid r\/r long setup for a potential move back to range highs. And yes, $40K is still a magnet.\u201d<\/p><\/blockquote>\n

BTC\/USD perpetual contract annotated chart. Source: Skew\/ Twitter<\/em><\/figcaption><\/figure>\n

Examining the state of the BTC\/USD Binance order book, meanwhile, monitoring resource Material Indicators concluded that volatility was thus far absent.<\/p>\n

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Hope you had a great weekend. <\/p>\n

After the Weekly Candle Close\/Open we do not have new #TrendPrecognition<\/a> signals in the #BTC<\/a> W or D time frame however it’s worth noting that the A1 Slope line has reverted to upward on the W chart which indicates an increase in bullish momentum. pic.twitter.com\/comKCiX6BL<\/a><\/p>\n

\u2014 Material Indicators (@MI_Algos) May 15, 2023<\/a><\/p><\/blockquote>\n

Trader Skew added that markets were being \u201clargely\u201d controlled by Binance spot buyers.<\/p>\n

\u201cCoinbase spot led this move with strong positive spot delta (market buying),\u201d part of Twitter commentary noted<\/a> about the day\u2019s uptick.<\/p>\n

Dollar retraces part of swift gains<\/h2>\n

Elsewhere, attention continued to focus on U.S. dollar strength after a week of solid gains.<\/p>\n

Related:\u00a0Sink or swim at $27K? 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n

Whereas these culminated with BTC\/USD hitting two-month lows<\/a> under $26,000, the new week began with the opposite setup \u2014 crypto market strength versus a comedown in the U.S. Dollar Index (DXY).<\/p>\n

\u201cIt\u2019s amazing how inversely correlated crypto has become to the Dollar. Dollar taking a breather today as we see crypto assets recover,” popular trader Wick reacted<\/a>.<\/p>\n

Fellow trader Crypto Tony noted<\/a> a “very strong” close for DXY could continue to pressure crypto.<\/p>\n

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U.S. Dollar Index (DXY) 1-hour candle chart. Source: TradingView<\/em><\/figcaption><\/figure>\n

Magazine: Alameda\u2019s $38B IRS bill, Do Kwon kicked in the assets, Milady frenzy: Asia Express<\/a><\/em><\/strong><\/p>\n

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin saw five-day highs on May 15 as a rebound continued after the Wall Street open. BTC\/USD 1-hour candle chart on Bitstamp. Source: TradingView $40,000 \u201cstill a magnet\u201d for BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC\/USD reaching $27,666 on Bitstamp. Bitcoin (BTC) on Bitstamp held strength on hourly timeframes after a […]<\/p>\n","protected":false},"author":1,"featured_media":51152,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[4115,237,50,194,203,2164,195,15592,3471,182],"class_list":["post-51151","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-40k","tag-analysts","tag-bitcoin","tag-btc","tag-good","tag-offers","tag-price","tag-retain","tag-signs","tag-target"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2023\/05\/12de9ffb-941b-4304-8f58-974cb386e442.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51151","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=51151"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51151\/revisions"}],"predecessor-version":[{"id":51153,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/51151\/revisions\/51153"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/51152"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=51151"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=51151"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=51151"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}