Bitcoin (BTC) made an attempt to climb past $27,000 on May 13th following a “scam wick” that produced new two-month lows. However, the cryptocurrency fell to $25,800 on Bitstamp, causing traders to emphasize the importance of retaining a minimum of $26,500 for a bullish run. The market saw some weakness after the start of the week's final Wall Street trading session, briefly cutting through the key 100-day and 200-week moving averages (MAs) before rebounding. Some market participants were divided over what the future held for the cryptocurrency.

Daan Crypto Trades, a trader, stated on Twitter, “Nice daily close. Has to hold 26.5K going forward. That’s the line in the sand for me.” Founder and CEO of trading firm Eight, Michaël van de Poppe, also agreed that the May 12th daily candle had turned out to be “good.” Before the local lows, analysis also highlighted $26,500 as an essential level to reclaim to consider long positions.

However, the lack of bid liquidity on the Binance order book remained a major point of concern, with the largest cohorts of whales abstaining from the market. Monitoring resource Material Indicators stated that the 200-week moving average remains a critical line in the sand for the bullish thesis going forward. The analysis read, “If we continue to see a lack of bid liquidity and a lack of buying from the purple and brown whale classes, it will lead to more downside. Any sustained breach back below the 200 WMA invalidates any bullish dream of a breakout.” While some traders remain optimistic, the future of Bitcoin's price remains uncertain.