Bitcoin erodes 4% gains as BTC price downside targets stretch to $23K
Bitcoin (BTC) traded near $28,000 on May 28, with traders still wary of a full correction of weekend upside.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling volatility after a last-minute surprise saw action around the weekly close.
With United States markets closed for the Memorial Day holiday, crypto markets were quieter — traders were waiting for a Congressional vote on the proposed deal to extend the U.S. debt ceiling.
Bitcoin, up 4.4% on May 28, meanwhile, failed to convince everyone that bulls might now have the upper hand.
Uploading a potential BTC price roadmap to Twitter, popular trader Crypto Tony called a move back to as low as $23,000 “still very much a possibility.”
“IF we close back below $27,500 i will close my long and look for a short position,” he told followers in part of the day’s updates.
Trading suite DecenTrader further noted that short positions were increasing, despite May 28 liquidating more positions than any day in a month.
The #Bitcoin Long/Short ratio has been declining as price has gone up.This suggests a lot of retail traders on Binance are adding shorts. https://t.co/tWYEfdrggr pic.twitter.com/DjG2EIKRUp
On-chain monitoring resource Material Indicators nonetheless cautioned over dismissing the uptick as fakeout.
“As someone who frequently uses the phrase #WildWestWeekend in #Crypto, I actually believe the #Bitcoin PA we’ve seen for the past few days is legit for multiple reasons including the fact that the bounce came from key technical support at the 200-Week MA, and the #DebtCeiling deal announcement,” part of commentary read.
Material Indicators referred to the 200-week moving average still acting as support, one of several such support points near $26,000 on traders’
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