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Bitcoin Has ‘Hard Battle’ Before Bitcoin Price Returns 35% From Low Of $ 23,800

Bitcoin Has 'Hard Battle' Before Bitcoin Price Returns 35% From Low Of $ 23,800

Bitcoin (BTC) posted additional gains on the night of May 31, as the monthly close sought to seal losses by about 15%.

One hour candle chart of the BTC / USD (Bitstamp) pair. Source: Trade View

The stars are over $ 33,000

Data from Cointelegraph Markets Pro and TradingView showed that the BTC / USD pair was consolidating again after another boom that took it to $ 32,200 on Bitstamp.

So the pair closed their second day of gains, but failed to impress analysts, who widely believed the measures were unreliable.

These doubts continued throughout the day, and it was debated whether the latest gains amounted to a “dead cat bounce”.

Is this #BTC movement real? I do not think so. The rise has sold …
1- Inflow of over 3,500 BTC into the spot market at its peak (30,700).
2- delta negative with 4.5% green daily candle. (delta-divergence).
3- Gamma positive too. MM stops the market. pic.twitter.com/I1rEhjH0nq
– M_Ernest_₿ (@M_Ernest_) May 30, 2022

“BTC is ready to move more. Before you jump in, remember that crypto likes shorts and trap lengths, ”wrote Material Indicators, a chain analysis resource, in one of several tweets over the past 24 hours:

“You can mitigate the risk by waiting for confirmation of a breach or false break. FireCharts indicates where the liquidity is in the order book. Monthly closure on Tuesdays ”.

Data from the Binance exchange order book, meanwhile, showed a strong $ 61 million selling wall, visible at $ 33,500 at the time of writing.

BTC / USD (Binance) order book details. Source: Content Indicators

The famous Twitter account Il Capo of Crypto continued to take a bearish stance while acknowledging that the rebound was contrary to previous forecasts.

Nice pressure from the bulls yesterday. This week, I was mostly wrong, because I thought we were going to go down and I did not expect this rebound. However, this upward move shows the same signs as the move that went over $ 45,000-46,000. The bearish scenario remains valid. https://t.co/ktv0jbC6aY- il Capo Of Crypto (@CryptoCapo_) May 31, 2022

Venturefounder has another account, Venturefounder added the BTC / USD pair would have to recover its 200 – day moving average near $ 43,000 to “recapture a fresh bull market,” calling that target an “uphill battle”.

The whales wait their turn

Meanwhile, additional concern was focused on the whales amid the unimpressive strikes that accompanied the rebound.

Also read: “Mega bullish signal” or “true break”: 5 things to know about bitcoin this week

As Caue Oliveira, an analyst at Brazilian analyst firm BlockTrends, pointed out, the largest entities in the Bitcoin network have yet to show belief that recent lows are a macroeconomic floor.

“The whales / institutions have not yet deployed their full firepower in the market!” “, is abstract in Twitter thread:

“These large entities continue to reduce their activity, exposing their vigilance against the global crisis. Careful examination of their movements can give a real signal for a real reversal ”.

An accompanying chart showed a sharp decline in whale movements in May.

Graph of Bitcoin whale wallet activity. Source: Caue Oliveira / Twitter

Continuing, Oliveira said activity on the institutional platform Coinbase Pro also indicated that most investors were staying on the sidelines.

“At this point, I see no evidence of bad buying from these participants,” he said.

Whalemap, a surveillance resource aimed at large entities, also claimed that while the 200-week moving average has not been exceeded, bitcoin has yet to reach a real macro bottom.

What are the margins now? pic.twitter.com/WoSDMip8mU
– whalemap (@whale_map) May 30, 2022

This moving average was about $ 22,200 as of May 31.

The views and opinions expressed herein are those of the author only and do not necessarily reflect the views of Cointelegraph.com. All investments and trading operations involve risk. You should do your own research before making a decision.

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