Bitcoin price hits $27.2K, but new analysis warns more losses ‘likely’

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Bitcoin (BTC) sought to recover $27,000 into the May 14 weekly close as volatility picked up out of hours.

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

BTC price gains over 7% in two days

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD spiking to $27,200 on Bitstamp.

Its highest in several days, the performance reflected gains of around 7.5% versus local lows from the week’s final Wall Street trading session.

“Strong movements on Bitcoin as it swept all the lows in recent moves and grinds back up to $27.2K,” an optimistic Michaël van de Poppe, founder and CEO of trading firm Eight, reacted.

“Patience, as flipping $27.2K is the first serious trigger for continuation upwards. In that case, close to a temporary bottom & potentially new highs to $36-42K still possible.”

BTC/USD annotated chart. Source: Michaël van de Poppe/ Twitter

Popular trader Daan Crypto Trades noted that there was now potential for a “gap” in CME Bitcoin futures markets to appear at the May 15 open.

“If BTC holds at current prices, it will open up with a CME gap…

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