Bitcoin ‘buys the rumor’ on US debt ceiling as BTC price nears $27.5K
BTC price action could attempt a reclaim of $30,000, analysis says, with Bitcoin climbing through its trading range. Bitcoin (BTC) staged a classic range comeback on May 23 as markets “bought” hopes that the United States had resolved the debt ceiling debacle. BTC/USD 1-hour candle chart on Bitstamp. Source: TradingView $30,000 back on the cards Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it headed toward $27,500 on Bitstamp overnight. Still stuck in a familiar trading corridor, the pair nonetheless showed signs of life as news hit that the Biden administration had potentially resolved the debt crisis. This turned out to be premature, but Bitcoin stayed higher on the day, as market participants hoped that bulls could follow through. Popular trader Skew eyed various trend lines, including hourly and daily exponential moving averages (EMAs), for cues as to short-term moves. “Successful bounce from weekly open reclaim into the bounds of 4H EMAs & 1D EMAs,...