On May 16, Bitcoin (BTC) surged to $27,000 as traders remained confident about its upside continuation. According to data from Cointelegraph Markets Pro and TradingView, the BTC/USD pair was still focused on the $27,000 level, despite briefly dropping to $26,870 after the daily close. Traders were hoping for a breakout from its narrow range or reaching significant levels up or down. Popular trader Crypto Ed suggested that hitting the “gap” in CME futures created over the weekend may be a possible target, with a bounce-back taking BTC/USD back to its range highs at $28,800, but a downside possibility also leaving $24,000 in play. Other market participants also remained cautious due to the current uncertainty surrounding Bitcoin. In addition, the unfolding debt ceiling crisis in the United States was also causing macro considerations to shift, with some suggesting that a probable crisis may lead to heightened volatility and waning liquidity in the coming weeks.
Bitcoin trader eyes CME gap with $24K BTC price dip target in play
