Cryptocurrency markets saw bullish activity on May 15, with Bitcoin reaching five-day peaks close to $27,666. This rebound followed the previous week's close below $27,000 and there were various positive indicators that cheered traders. Crypto analyst Michaël Van de Poppe pointed towards a break upwards and a 200-week moving average retest as signs of confidence for Bitcoin. Other traders focused on order books and the performance of Binance spot buyers, with the market being propped up by the large amount of market buying from the latter.
Of course, the correlations between cryptocurrency and the U.S. dollar index still played an important role in market movements. The Dollar had seen a strong week as Crypto plummeted to two-month lows, however, the beginning of the new week saw a divergence with a comedown on the Dollar and a recovery of Crypto prices. Again, traders focused on this inverse correlation as a likely explanation of market events.
All in all, analysts retained their optimism that Bitcoin could eventually reach its all-time-high of $40K, since present conditions still hold bullish activity. As usual, investors are reminded that past performance does not necessarily guarantee future results and any decision related to their portfolios should consider risk levels and individualities.
Kate Moore
- 2023-05-15
Cryptocurrency Experience Bullish Activity
Cryptocurrency markets made significant strides on May 15, as Bitcoin rose to five-day highs close to $27,666 following a bearish week. The positive indicators cheered traders and various correlations between crypto and USD were observed. Analysts remain optimistic that Bitcoin can reach its all-time-high of $40K.
![CandleFocus Bitcoin-Cryptocurrency-CryptoMarkets-BullishActivity](https://images.candlefocus.com/Cryptocurrency-Experience-Bullish-Activity.jpg)