Bitcoin price rejects at $28K as analysts eye CME futures gap dip
Bitcoin (BTC) fell into the May 30 Wall Street open as the return of United States equities failed to boost performance.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD heading to $27,700, having briefly spiked above the $28,000 mark.
The pair encountered resistance below its local highs from around the weekly close, and stocks also treaded water after the opening bell.
Excitement around a possible deal to raise the U.S. debt ceiling, which had boosted crypto previously, also cooled as market participants waited for its first test in Congress.
“Bitcoin has been having a hard time reclaiming the weekend high,” monitoring resource Material Indicators summarized in part of analysis on the day.
An accompanying chart of the BTC/USD on Binance showed strengthening bid liquidity in the active trading range.
Popular trader Daan Crypto Trades suggested that that liquidity represented genuine interest in BTC, rather than forming part of an order book “spoof.”
#Bitcoin $22M+ Spot Buy Wall still sitting between $27.4-27.5K. Some of the bids got filled yesterday already.Looks to be genuine orders that want to get filled. pic.twitter.com/IjgMrnss8M
Fellow trader Jelle was also optimistic, offering May 31 as a potentially good date for bulls.
“Quite liking how Bitcoin shapes up here. Still holding the key support, and looks like we're building a little hidden bullish divergence here,” part of Twitter commentary stated.
Additional posts included coverage of a potential triple breakout for Bitcoin when it comes to market structures.
#Bitcoin is at the cusp of breaking out from three different bullish patterns.Just a little bit higher, before these all confirm a move higher.Who's ready? pic.twitter.com/8yZnTnn6xx
On the radar
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