Bitcoin News

Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%

Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%

Bitcoin (BTC) held a snap rebound on May 18 as analysts hoped that further upside would come next.

BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView

BTC price sustains knee-jerk move higher

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $27,400 on Bitstamp.

The pair had made swift gains toward the prior day’s Wall Street open, these topping out at 3.5% versus the day’s lows.

Amid changing signals on exchange order books, popular trader Skew was hopeful for continuation.

“Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he summarized in part of Twitter analysis.

Skew continued that while macro conditions were overall causing friction for BTC price performance, largest stablecoin Tether pledging regular BTC buys should be a “positive headwind.”

Bitcoin cumulative volume delta (CVD) data annotated chart. Source: Skew/ Twitter

Cumulative volume delta (CVD) meanwhile showed increasing momentum in a further sign that Bitcoin price might sustain its newfound strength.

“Looking for sustained buying momentum by spot else scalp short,” Skew added.

On-chain monitoring resource Material Indicators tracked the action on the Binance order book, with the price uptick coinciding with an increase in volume from the largest class of Bitcoin whales.

As ever, not everyone was convinced about the uptick’s longevity. Among them was popular trading account TraderSZ, which began the day closing out a long BTC position.

“Think the bounce is done,” part of accompanying commentary stated, anticipating a return to downside.

BTC/USD annotated chart. Source: TraderSZ/ Twitter

As Cointelegraph reported, shorter-term and longer-term downside targets currently extend to around $25,000 and $24,000, respectively.

Bottom “might be in” for Bitcoin price correction

Zooming out, meanwhile, fellow trader Credible Crypto revealed a belief that a more pronounced return to upside could come within the next month.

Related: ‘One of the greatest’ Bitcoin metrics says BTC price bull run is here

“How much longer till expansion and is the bottom in? 25k’s tested, liq below us…

Click Here to Read the Full Original Article at News…