Bitcoin: The curious case of the weekend pump

prices pumped from $26.6k to $27.2k. We say pump, but it was only a 2.7% move higher on a weekend. Will the bulls be able to reverse the losses seen earlier this month?For over two weeks, Bitcoin has traded beneath the $27.8k resistance. This was a major resistance level because of its importance in early April. The price retested this level as support multiple times in late April and early May as well.

Eventually the buyers succumbed, and it was flipped to resistance. At the time of writing, the two levels to watch out for on the lower timeframes were the $27.8k resistance and the $26k level. A range was spotted that extended from $26.1k to $27.6k. The RSI was in the overbought territory on the 2-hour chart after BTC climbed above the mid-range mark at $26.8k. While this was a sizeable move within the range, the larger picture showed that bears still had the upper hand.

A look at the daily and 4-hour charts showed a bearish market structure. This would be flipped in bullish favor upon a move above $27.8k- but traders must beware liquidity hunts in the $28k area. It could take a few days of trading for Bitcoin to see acceptance above $28k. Until then, buyers can remain cautious of the market’s intentions.A strong performance from bullish speculators made sentiment clearBitcoin’s gains of 2.7% saw nearly $400 million added in Open Interest.

Overall, a move to the $27.6k-$28k region was possible. Yet, it remained likely that Bitcoin would face rejection and a reversal on the price charts from there on.

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