Bitcoin price hits $27.2K, but new analysis warns more losses 'likely'
Bitcoin may be up 7.5% since Friday, but BTC price action is not giving everyone cause for positivity. Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView BTC price gains over 7% in two days Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp. Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session. “Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of trading firm Eight, reacted. “Patience, 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.” BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter Popular trader Daa...