Ready for a “pretty major move” on BTC? Traders criticize overly bearish sentiment.
The week’s macroeconomic data from the United States had, as a new Personal Consumption Expenditures index print showed the economy weathering tighter financial conditions much better than expected.
Markets then began to price in a June interest rate hike from the Federal Reserve, which should form a headwind for risk assets but failed to dampen a BTC price rebound.“Retail is so extremely bearish on Bitcoin and Crypto, it’s almost insane,” Michaël van de Poppe, founder and CEO of trading firm Eight,Popular trader Skew noted Bitcoin’s strong reaction at the 200-week moving average near $26,000, with more key trend line challenges now in the making.
“Price trying to reclaim 100D MA after nice move up from 200W MA. Price is currently pinned between 4H EMAs & 1D EMAs,” analysis of the 4-hour BTC/USD chart
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