Since the move transpired, BTC has recovered slightly, now trading at $8,500, a few hundred dollars higher than the $8,100 lows. A V-shaped recovery hasn’t formed, that’s for sure.<\/p>\n
Though a top analyst says that should Bitcoin hold a key level in the coming day, he would be inclined to suggest that the market structure remains bullish.<\/p>\n
Related Reading: The Days of Futures Halting Bitcoin From Passing $1 Trillion Are Likely Over<\/a><\/h6>\nBitcoin’s Short-Term Futures Depends on This Key Level<\/strong><\/h2>\nIt may seem like all hope is lost for bulls, yet one top trader recently shared that this isn’t the case.<\/p>\n
Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a “pivotal level.” Should Sunday’s candle close above this level, it would confirm that a bullish market structure remains somewhat intact.<\/p>\n
“Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom,” the trader wrote<\/a> in reference to the chart below.<\/p><\/blockquote>\n![\"Bitcoin](\"https:\/\/i0.wp.com\/pbs.twimg.com\/media\/EXoJyuoWsAAuF6v.jpg?resize=805%2C410&ssl=1\")
Chart from “HornHairs” (@CryptoHornhairs on Twitter). The chart indicates that Bitcoin could maintain some semblance of a bullish market structure should a key level hold.<\/figcaption><\/figure>\nEven if Bitcoin closes below $8,530, analysts say that there are other support levels below BTC that will give credence to the case for upside.<\/p>\n
During the move to $8,100, for instance, Bitcoin managed to hold both the 100-day and 200-day moving averages. This is important as these moving averages are inflection points for markets \u2014 crypto is no exception.<\/p>\n
The importance of the low-$8,000s was echoed by another trader, one that called Bitcoin would fall to that region just a day ago. He wrote<\/a>:<\/p>\n\u201cDamn only took 10 hours for BTC to get here. Not as I\u2019d imagined and not as fun, that\u2019s for sure. In the next few hours, you\u2019ll see 1-6k charts again. But eh. Think this is bottom or slightly lower.\u201d<\/p><\/blockquote>\n
Crypto Could Still Flatline From Here<\/h2>\n
Even if Bitcoin holds the key price point indicated in the chart above, a rapid surge back to the highs and beyond is anything but confirmed.<\/p>\n
Mohit Sorout \u2014 a partner at Bitazu Capital, a crypto hedge fund \u2014 remarked<\/a> that from how he sees it, with implied volatility “inflated,” he expects for BTC to be entering a tight range for the coming weeks.<\/p>\n\n$BTC<\/a> looks to be setting up for weeks of ranging from here on.<\/p>\nIVs inflated. Going to short volatility<\/p>\n
— MS\ud83d\udcc8 (@singhsoro) May 10, 2020<\/a><\/p><\/blockquote>\n
It may seem like all hope is lost for bulls, yet one top trader recently shared that this isn’t the case.<\/p>\n
Bitcoin holding $8,530 in the next 24 hours, a trader argued, will confirm a sweep of liquidity at a “pivotal level.” Should Sunday’s candle close above this level, it would confirm that a bullish market structure remains somewhat intact.<\/p>\n
“Lots riding on the next 24 hours. Want to see 12H, followed by the daily, close above $8530 to confirm a sweep into pivotal level. Close below and we have our first significant HTF break in MS to the downside since the bottom,” the trader wrote<\/a> in reference to the chart below.<\/p><\/blockquote>\n
Chart from “HornHairs” (@CryptoHornhairs on Twitter). The chart indicates that Bitcoin could maintain some semblance of a bullish market structure should a key level hold.<\/figcaption><\/figure>\n Even if Bitcoin closes below $8,530, analysts say that there are other support levels below BTC that will give credence to the case for upside.<\/p>\n
During the move to $8,100, for instance, Bitcoin managed to hold both the 100-day and 200-day moving averages. This is important as these moving averages are inflection points for markets \u2014 crypto is no exception.<\/p>\n
The importance of the low-$8,000s was echoed by another trader, one that called Bitcoin would fall to that region just a day ago. He wrote<\/a>:<\/p>\n
\u201cDamn only took 10 hours for BTC to get here. Not as I\u2019d imagined and not as fun, that\u2019s for sure. In the next few hours, you\u2019ll see 1-6k charts again. But eh. Think this is bottom or slightly lower.\u201d<\/p><\/blockquote>\n
Crypto Could Still Flatline From Here<\/h2>\n
Even if Bitcoin holds the key price point indicated in the chart above, a rapid surge back to the highs and beyond is anything but confirmed.<\/p>\n
Mohit Sorout \u2014 a partner at Bitazu Capital, a crypto hedge fund \u2014 remarked<\/a> that from how he sees it, with implied volatility “inflated,” he expects for BTC to be entering a tight range for the coming weeks.<\/p>\n
\n$BTC<\/a> looks to be setting up for weeks of ranging from here on.<\/p>\n
IVs inflated. Going to short volatility<\/p>\n
— MS\ud83d\udcc8 (@singhsoro) May 10, 2020<\/a><\/p><\/blockquote>\n