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Ah, Bitcoin, that capricious creature, has once again rebounded from the depths of despair, yet whispers of a Nashville conference-induced hangover linger like a bad perfume.
It seems the grandest Bitcoin gathering is akin to a tempest, often heralding a delightful descent into price weakness.
As the wise analysts proclaim, BTC price action is destined to frolic with drawdowns of 10-20%—a veritable rollercoaster of emotions!
On this fine day, Bitcoin (BTC) pirouetted around $110,000 as Wall Street opened its doors, all while the specter of a 30% price crash loomed ominously overhead. 🎢
Bitcoin’s “market memory” may recall the 2024 crash
Data from the illustrious CryptoMoon Markets Pro and TradingView revealed that BTC/USD is attempting a recovery after its latest support retest at a modest $107,000.
As the large-volume traders reveled in the volatility, market commentators turned their gaze to the potential risk factors, which, like a bad joke, came from every corner.
Uncertainty over US trade tariffs and the return of Wall Street after the Memorial Day holiday combined with the ghostly echoes of BTC price losses from yesteryear.
In the sultry month of July 2024, the Bitcoin 2024 Conference in Nashville, Tennessee, became the stage for a dramatic plunge, sending BTC/USD tumbling 30% from $70,000 to a mere $49,000.
Now, as the same event prepares to unfold for 2025, one cannot help but wonder if the market is destined for an unwelcome déjà vu. 😱
“The sustained elevation in near-term vols suggests that traders are positioning around headline risk ahead of the Bitcoin Conference in Las Vegas, scheduled for 27 to 29 May. The speaker line-up is already causing quite the stir, featuring the likes of JD Vance, Michael Saylor, Donald Trump Jr., and Eric Trump,” the trading firm QCP Capital quipped in its latest missive to Telegram subscribers.
“Last July’s Nashville Bitcoin Conference offers a useful analogue. At the time, a keynote by President Trump coincided with a sharp spike in 1-day implied vols above 90, followed by a swift reversal and a nearly 30% decline in BTC within two days. That episode continues to shape market memory.”
Should a 30% retracement occur from current levels, Bitcoin would find itself back at $77,000—ah, the sweet spot where it set a multimonth bottom in April.
Continuing the melodrama, crypto trader, analyst, and entrepreneur Michaël van de Poppe reiterated that the drop from $110,000 to the mid-$70,000 range has already graced us with its presence before.
“Corrections do happen, and they’ll continue to happen,” he mused to his followers on X, arguing that a correction of up to 20% “shouldn’t disappoint you.” Oh, the optimism! 😏
As CryptoMoon reported, various sources have suggested that the Bitcoin bull market is in its final innings before a protracted trend reversal—how delightfully tragic!
Liquidity “magnet” offers $106,000 target
In the realm of short-term price action, the popular trader Daan Crypto Trades was among those employing the exchange order book liquidity to unveil potential targets.
“The longer price hovers around this price region, the thicker the liquidity clusters above and below will become,” he summarized, accompanied by data from the ever-watchful CoinGlass.
“There’s a big liquidity cluster down at ~$106K and quite a few sitting from $111K and up. Keep an eye out for when price taps either of these regions as those usually act as a magnet when price is close.”
CoinGlass itself revealed the first chunk of ask liquidity being devoured as the US trading session commenced. Ah, the drama of the markets! 🎭
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2025-05-27 17:39