Bitcoin (BTC) held a snap rebound on May 18 as analysts hoped that further upside would come next.
BTC price sustains knee-jerk move higher
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it circled $27,400 on Bitstamp.
The pair had made swift gains toward the prior day’s Wall Street open, these topping out at 3.5% versus the day’s lows.
Amid changing signals on exchange order books, popular trader Skew was hopeful for continuation.
“Price swept the pre-emptive swing low, which was enough liquidity to push up higher,” he summarized in part of a Twitter analysis.
Skew added that while macro conditions were overall causing friction for BTC price performance, the largest stablecoin Tether pledging regular BTC buys should be a “positive headwind.”
Meanwhile, cumulative volume delta (CVD) showed increasing momentum, further indicating that Bitcoin price might sustain its newfound strength.
“Looking for sustained…