Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%


Bitcoin (BTC) held a snap rebound on May 18 as analysts hoped that further upside would come next.

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

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.”

Bitcoin cumulative volume delta (CVD) data annotated chart. Source: Skew/ Twitter

Meanwhile, cumulative volume delta (CVD) showed increasing momentum, further indicating that Bitcoin price might sustain its newfound strength.

“Looking for sustained…

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