Bitcoin (BTC<\/a>) held its most recent gains into May 27 as traders called for a change in \u201cbearish\u201d market sentiment.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it entered the weekend at around $26,700.<\/p>\n The week\u2019s macroeconomic data from the United States had ended with a surprise<\/a>, as a new Personal Consumption Expenditures (PCE) index print showed the economy weathering tighter financial conditions much better than expected.<\/p>\n Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.<\/p>\n Despite the price comeback, however, the mood remained overly cautious for some.<\/p>\n \u201cRetail is so extremely bearish on Bitcoin and Crypto, it\u2019s almost insane,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, argued<\/a>. <\/p>\n \u201cPeople are stuck in the 2022 mindset.\u201d<\/p><\/blockquote>\n Popular trader Skew noted Bitcoin\u2019s strong reaction at the 200-week moving average (MA) near $26,000, with more key trend line challenges now in the making.<\/p>\n \u201cPrice trying to reclaim 100D MA after nice move up from 200W MA. Price is currently pinned between 4H EMAs & 1D EMAs,\u201d analysis of the 4-hour BTC\/USD chart stated<\/a> the day prior.<\/p>\n \u201cExpecting a pretty major move soon, inflection point is here imo.\u201d<\/p><\/blockquote>\n Additional insights concluded that \u201cfroth\u201d had cleared from exchanges, along with over $300 million of open interest on the largest-volume exchange, Binance.<\/p>\n $BTC<\/a> Binance Open Interest -12K BTC ($320.9M)<\/p>\n a lot less froth in the market meaning whichever way spot moves, probably wouldn’t fade it pic.twitter.com\/dgb9OW2GnB<\/a><\/p>\n \u2014 Skew \u0394 (@52kskew) May 27, 2023<\/a><\/p><\/blockquote>\n Skew is not the only well-known voice calling for a pronounced shift in BTC price behavior next. This week, Checkmate, lead on-chain analyst at Glassnode, predicted<\/a>: \u201cbig moves coming.\u201c<\/p>\n A subsequent overview of some key on-chain metrics presented<\/a> BTC\/USD at a \u201cdecision point.\u201c<\/p>\n Fellow trader and analyst Rekt Capital stated that additional strength was still needed to flip the trajectory in the bulls\u2019 favor.<\/p>\n Related:\u00a0$160K at next halving? Model counts down to new Bitcoin all-time high<\/a><\/em><\/strong><\/p>\n \u201cBTC still in the middle of the red downtrending channel, just consolidating here with the red resistance area above the crucial one to beat if sentiment is to decisively shift in the short-term,\u201d he wrote<\/a>, referring to\u00a0a chart of 1-day timeframes.<\/p>\n That chart also showed the bearish head-and-shoulders pattern, something Rekt Capital previously warned could result in a longer-term bearish phase<\/a>, including a trip toward $20,000.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-05\/00f3720d-d0f8-4d79-a270-b3a610b9ec87.png\")
Trader awaits \u201cpretty major move\u201d for BTC price<\/h2>\n
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Price is hovering around previous breakdown & majority of the OI has been cleared out <\/p>\nBitcoin price still \u201cconsolidating\u201d<\/h2>\n
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