Bitcoin Trader Targets CME Gap with Bold Move to Drive BTC Price Down to $24K

Bitcoin (BTC) continued its bullish run, reaching $27,000 on May 16 even as traders sought a clearer direction for the cryptocurrency. According to data from Cointelegraph Markets Pro and TradingView, BTC/USD remained focused on the $27,000 mark, dipping only slightly to $26,870 after the daily close. While some hoped BTC/USD would exit its current narrow range or touch more significant levels up or down, traders remained cautious. Popular trader Crypto Ed believed a bounce after a gap in CME futures could take BTC/USD back to its range highs at $28,800, but also warned a downside possibility could leave $24,000 in play. Other market participants expressed similar caution, with trader Jackis describing Bitcoin as “very hard to read” under current conditions. Despite the ongoing pullback, weekly timeframes still showed potential for higher levels. However, analysts warned that macro considerations related to the unfolding debt ceiling crisis in the United States could lead to heightened volatility and waning liquidity in the coming weeks, particularly around the June 1 deadline.

J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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