Bitcoin (BTC<\/a>) bounced near multiple support trend lines into June 2 as market indecision remained in force.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> showed BTC\/USD hitting lows of $26,519 on Bitstamp after the daily close.<\/p>\n The pair showed little signs of a trend change as a stalemate between bulls and bears continued to produce little volatility.<\/p>\n The collection of moving averages (MAs)<\/a>\u00a0and the short-term holder (STH)\u00a0realized price\u00a0near $26,000<\/a>, thus staying untested on intraday timeframes.<\/p>\n Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500.<\/p>\n \u201cI do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise,\u201d he said in a YouTube update<\/a> on the day.<\/p>\n To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600.<\/p>\n \u201cNow I think we bounce back toward $27,500 \u2014 resistance of the previous range high \u2014 and from there I will be looking for, possibly, shorts toward $25,000,\u201d he confirmed.<\/p>\n $BTC<\/a> \/ $USD<\/a> – Update <\/p>\n I remain short while we are below $27,500 legends. No change in my play here, as only ETH is taking the stage right now pic.twitter.com\/UQlP7heLxP<\/a><\/p>\n \u2014 Crypto Tony (@CryptoTony__) June 2, 2023<\/a><\/p><\/blockquote>\n Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His focus was on the largest altcoin Ether (ETH<\/a>), which rebounded from lows of $1,840 at the May monthly close to hit $1,897 on the day.<\/p>\n “Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support,” part of Twitter commentary\u00a0warned<\/a>. <\/p>\n An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.<\/p>\n Elsewhere, others argued that time was ticking for Bitcoin price to break out, with financial commentator Tedtalksmacro flagging favorable macro conditions.<\/p>\n Related:\u00a0Bitcoin hodlers exited \u2018capitulation\u2019 above $20K, new metric hints<\/a><\/em><\/strong><\/p>\n \u201cTreasury yields + USD lower, gold + equities higher,\u201d he summarized<\/a> about a comparative performance chart on June 1. <\/p>\n \u201cIf Bitcoin is going to move, it should be here imo… TradFi shifting risk-on again.\u201d<\/p><\/blockquote>\n Popular trader Moustache was equally upbeat about a Bitcoin copycat move based on bullish signals from the S&P 500.<\/p>\n \u201cIf the S&P 500 looks bullish, so does Bitcoin,\u201d he concluded in part of his latest market analysis.<\/p>\n $BTC<\/a> <\/p>\n If the S&P 500 looks bullish, so does #Bitcoin<\/a>. <\/p>\n 5 months later and everything is going according to plan (see next tweet). <\/p>\n -Breakout from a >1-Year Descending BW \u2014 \u24d7 (@el_crypto_prof) June 1, 2023<\/a><\/p><\/blockquote>\n Moustache built on existing findings from January, in which he predicted similar moves on Bitcoin should the S&P 500 stage a comeback.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/3318eb81-6dc0-40f7-9add-21461a8ca248.png\")
Traders bet on $27,500 BTC price ceiling<\/h2>\n
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![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/151dec0b-a7d0-4d13-8283-0ea843d97c1e.jpeg\")
Bitcoin move \u201cshould be here\u201d<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/5949af0b-3aa2-4cd9-b9df-26f207ebd650.jpeg\")
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-Successful retest✅
-Inverse Head & Shoulder
-First (W)-Candle is about to close ABOVE the SMA 100 pic.twitter.com\/p36vZZgCoE<\/a><\/p>\n