Bitcoin was seen resurging from the levels of $26300 and moving closer to $27000 as investors saw crypto recovering slightly over the weekend.
Bitcoin ramped above $26500 on May 13, even as traders continued to hold a careful approach. With crypto recovering from its lows of May 12, long-term investors are hopeful of Bitcoin crossing $27000 in the next couple of days. While other altcoins are broadly flat, market sentiments could take a better shape in the upcoming week.
Bitcoin’s seven-day returns are a negative 7%, which analysts have attributed to a host of reasons. Tightening liquidity in the crypto market, an interest rate hike, and a major exchange pausing withdrawals for a short period were some of the reasons.
While Bitcoin managed to gather support at $26000, its next resistance is floating around $27000.
The volatility of the crypto market in the last few weeks has been likely due to uncertainties around crypto regulation and a fickle global economy. Long-term investors of crypto are bullish for 2023, while traders are broadly bearish under the present conditions.
Experts believe Bitcoin has the potential to cut across to above $28000 with large support from bulls, but in case it falls below its support, a period of heavy sell-offs could ensue.
BTC/USD 1D price chart
Bitcoin is currently trading at around $26800 on May 14, 2023, with BTC/USD up by around 0.1% in the previous 24 hours. With crypto recovering slowly, the market could see upward movements soon, even at the current steady rate. BTC/USD is trading much below its 20-day EMA (28,366.44) as BTC’s 24-hour volume reduced drastically to around $4.8 billion.