• Bitcoin (BTC) returned above $26,000 on May 25 after an overnight dip offered a retest of recent lows.
• Analysts looked for potential volatility catalysts with macroeconomic reports from the United States, which included gross domestic product estimates for Q2 and jobless claims, failing to shake up the status quo.
• Bears were unable to push price lower as analysts pin point $25k as a downside target should Bitcoin “nuke” lower.
Bitcoin Price Analysis: BTC Returns Above $26K After Overnight Dip
Bitcoin (BTC) returned above $26,000 on May 25 after an overnight dip offered a retest of recent lows. Data from Cointelegraph Markets Pro and TradingView showed BTC/USD acting in its range from the day prior, having recovered from flash weakness after the daily candle close.
Macroeconomic Reports Failing To Shake Status Quo
With little excitement present on spot markets, traders and analysts looked for potential volatility catalysts. The day’s macroeconomic reports from the United States, which included gross domestic product estimates for Q2 and jobless claims, failed to shake up the status quo. Popular trader Jelle summarized in part of a Twitter update that reclaiming of $26,600 would be the “ideal scenario” which would act as a springboard for BTC/USD to reclaim its previous range.
Bearish Outcome Slowly Coming True
Fellow trader Crypto Tony repeated a popular downside target of around $25,000 should Bitcoin “nuke” lower. On weekly timeframes meanwhile, trader and analyst Rekt Capital highlighted that bears were slowly but surely making their case against higher prices true as BTC’s 200-week moving average trendline was breached this week – arguably one of its more important support levels since 2017’s all-time highs at nearly $20K per coin.
Rug Pulled On Binance Traders
Analyzing the brief trip below the $26,000 mark trader Skew pinned the blame on Binance traders engineering a sweep; claiming there was usual liquidity engineering pump & rug with perps liquidity grabbed now & tested $26K spot limit orders – subsequently explaining prices rising thanks to limit buy orders being filled and order book liquidity improving.
$20K In Play?
As such Bitcoin shuns volatility from the day’s macro triggers leaving analysts reasons to be bearish as bears make their case against higher prices true with BTC’s 200-week moving average trendline being breached this week – potentially putting future gains towards hitting new all-time highs in play at around $20K per coin depending on market conditions going forward..