Bitcoin (BTC) bounced near multiple support trend lines into June 2 as market indecision remained in force.
BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView
Traders bet on $27,500 BTC price ceiling
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting lows of $26,519 on Bitstamp after the daily close.
The pair showed little signs of a trend change as a stalemate between bulls and bears continued to produce little volatility.
The collection of moving averages (MAs) and the short-term holder (STH) realized price near $26,000, thus staying untested on intraday timeframes.
Analyzing the current setup, popular trader Crypto Ed considered the potential for upside topping out at $27,500.
“I do think we go down, but as long as we do not break that $26,000, there is a chance for a bullish surprise,” he said in a YouTube update on the day.
To break the current impasse, Crypto Ed continued, Bitcoin would nonetheless need to tackle the area above $27,600.
“Now I think we bounce back toward $27,500 — resistance of the previous range high — and from there I will be looking for, possibly, shorts toward $25,000,” he confirmed.
$BTC / $USD – Update
I remain short while we are below $27,500 legends. No change in my play here, as only ETH is taking the stage right now pic.twitter.com/UQlP7heLxP
— Crypto Tony (@CryptoTony__) June 2, 2023
Fellow trader Crypto Tony likewise urged caution until $27,500 returned. His focus was on the largest altcoin Ether (ETH), which rebounded from lows of $1,840 at the May monthly close to hit $1,897 on the day.
“Now i have gone over the structure and we really are not bullish unless we flip $2,000 into support,” part of Twitter commentary warned.
An accompanying chart presented a target of $1,700 or lower should the $2,000 mark fail to flip.
ETH/USD annotated chart. Source: Crypto Tony/ Twitter
Bitcoin move “should be here”
Elsewhere, others argued that time was ticking for Bitcoin price to break out, with financial commentator Tedtalksmacro flagging favorable macro conditions.
Related: Bitcoin hodlers exited ‘capitulation’ above $20K, new metric…