Bitcoin price crawls 2.5% off lows as weekly chart risks 'be | Global CRYPTO News
Bitcoin price crawls 2.5% off lows as weekly chart risks 'bearish engulfing'
A "horrendous bearish engulfing" risks defining the weekly close, but all may not be lost, Bitcoin price analysts insist.
$26,600 becomes popular BTC price target
Up around 2.5% from the lows set the day prior, the pair remained on traders’ radar as a potential short opportunity into the weekly close.
“$26,600 is my target in my short position right now, and being the weekend it may take a bit longer to get there,” Crypto Tony confirmed to Twitter followers on the day.
“It is the most logical target and we also have bids popped up down there too now, so i am expecting a reaction once tested.”
BTC/USD annotated chart. Source: Crypto T/Twitter
That target would mark a new bottom for Bitcoin, which lost 10% over the week to turn April performance negative overall.
Analyst Mark Cullen eyed the potential for BTC/USD to approach the April 21 CME futures closing price of $27,310 before the weekly close.
“Lots of bids sitting at 26.5k, but not sure they get tapped just yet,” he added in accompanying commentary, offering a similar logical target to Crypto Tony.
BTC/USD annotated chart. Source: Mark Cullen/Twitter
A further Twitter post noted increased spot market selling on largest exchange Binance, this potentially adding downside pressure in an otherwise less liquid weekend trading environment.
