Bitcoin offers 'good signs' as analysts retain $40K BTC price target
Bitcoin is showing the strength it needs for continuation higher, says Michaël van de Poppe, after key trend lines are preserved. Bitcoin (BTC) saw five-day highs on May 15 as a rebound continued after the Wall Street open. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView $40,000 "still a magnet" for BTC price Data from Cointelegraph Markets Pro and TradingView showed BTC/USD reaching $27,666 on Bitstamp. The pair held strength on hourly timeframes after a weekly close just below the $27,000 mark. With United States equities in a tight range on the day, crypto analysts looked for cues over where markets might go next. For Michaël van de Poppe, founder and CEO of trading firm Eight, the outlook was good. “Bitcoin breaks upwards and tests $27,600. Good signs ,” he summarized. “Weekly timeframe; Holding 200 MA and EMA. I think we're continuing towards $38,000-42,000 from here.” Van de Poppe referenced the 200-week moving average and exponential moving average, t...