Bitcoin just posted its 3-week high after mostly trading sideways for the biggest part of last week. It tried breaking to $27,500 territory and even tested $28,000, but was rejected. That was followed with a dip that left it in the low $27,000s after the US government said that it reached some kind of a deal in regards to the debt ceiling.
Early this week, Bitcoin was stopped at $27,500 several times. While it was shooting up to local perks, the last one was tough to withstand, pushing the price at $26,000. It quickly overcame the hurdles and stayed at $27K for the weekend. The real change came on Monday when news that the US government reached a deal on the debt limit began to emerge. Bitcoin immediately jumped to reach its 3-week high, but it wasn’t the run we’ve hoped for.
Fast and Somewhat Large Losses
Since its 3-week high on Tuesday, BTC’s price has dipped again. More news on the debt ceiling deal and other macroeconomic factors drove it back down to $27,000. It’s currently grappling with that price, and is down over 2% over the past 24 hours. The good news is that this shouldn’t last long, so expert fully believe another run at $28K is possible.
The monthly candle close is nearing, and bulls and bears are fighting for momentum. Charts show the price on Binance is strengthening bid liquidity in an active trading range. This means there’s genuine interest in BTC. According to Daan Crypto Trades, these genuine orders want to get filled.
Other experts are also optimistic. One said that today—May 31—might be a great date for bulls. Early signs haven’t been that positive, but we still have full 24 hours to see what happens. Crypto prices can shift fast, and we wouldn’t be surprised if something happened today on the bull front. Since it’s currently holding up to key support levels, there might be bullish momentum building up, and that’s what the market needs right now.
A Looming CME Gap
What’s on the radar? There’s a looking CME gap Bitcoin is trying to fill. Thanks to the price uptrend over the weekend, there was a huge gap between $26,900 and $27,850. That’s a potential short-term downside target for spot prices, and depending on the closing day prices, things may quickly change.
Mikebull Crypto, a famous trader, showed the other unfilled gaps for the year. He says that they don’t fill out fast, but shouldn’t be ignored. The short-term Bitcoin losses projected on the market in full, with ETH holding ground at around $1,900. Altcoins have dropped prices too at the moment, but everyone believes that the night is darkest before the dawn.
There’s a greater chance that we’ll see a bull run soon instead of a bear market. The price may seem down for the moment, but we’ve seen this play before, and it always ends in the best possible way.