On May 18, Bitcoin (BTC) experienced a quick rebound that gave analysts hope for further upside in the near future. BTC/USD circled around $27,400 on the Bitstamp exchange, with swift gains of up to 3.5% from the day’s lows. Skew, a popular trader, was optimistic about continuation despite macro conditions causing friction for BTC price performance. He noted that the largest stablecoin Tether’s regular BTC buys should be a “positive headwind,” and that cumulative volume delta (CVD) data indicated increasing momentum for Bitcoin price. On-chain monitoring resource Material Indicators also tracked the action on the Binance order book, with the price uptick coinciding with an increase in volume from the largest class of Bitcoin whales. However, not all traders were convinced about the uptick’s longevity, with some anticipating a return to the downside. Credible Crypto revealed a belief that a more pronounced return to the upside could come within the next month, with trend lines worth noting.
Bitcoin trader predicts end of dip within weeks as BTC price adds 3.5%
