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Home Bitcoin News

Bitcoin Faces An Uphill Struggle Despite Surging 35% From $23.8K Lows

Chosen Esiwe by Chosen Esiwe
1 month ago
in Bitcoin News
Reading Time: 4 mins read
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Bitcoin (BTC) made fresh gains overnight on May 31 as the month close was expected to seal losses of around 15%.

Bitcoin Faces An Uphill Struggle Despite Surging 35% From $23.8K Lows | Coinscreed
BTC/USD 1-hour candle chart | Source: TradingView

Sell triggers accumulate over $33,000

Data from TradingView showed BTC/USD consolidating again after surging to $32,200 on Bitstamp by rebound.

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The pair thus ended the second day with more bullish momentum, but that did not impress analysts, who widely believed the moves were unreliable.

Those doubts continued into the day amid disputes over whether recent gains represented a “dead cat bounce.”

Is this #BTC movement real? I think not. The rise has been sold…
1- Inflow of >3,500 BTC in the spot market at its maximum (30.7k).
2- Negative Delta with a daily green candle of 4.5%. (delta divergence).
3- Also positive gamma. MM stops the market. pic.twitter.com/I1rEhjH0nq

— M_Ernest_💯​₿ (@M_Ernest_) May 30, 2022

“BTC is ready for a bigger move. Before you begin, consider how cryptocurrencies squeeze shorts and lock longs,” on-chain analytics resource Material Indicators wrote in one of several tweets over the past 24 hours:

“You can mitigate risk by waiting to confirm breakout or fakeout. FireCharts shows where liquidity rests in the order book. Monthly close Tues.”

Meanwhile, order book data from major exchange Binance showed a solid $61 million sell wall, up from $33,500 at the time of writing.

Bitcoin Faces An Uphill Struggle Despite Surging 35% From $23.8K Lows | Coinscreed
BTC/USD order book data | Source: Material Indicators

Popular Twitter account Il Capo of Crypto continued its bearish stance while admitting that the bounce went contrary to previous predictions.

Nice push from the bulls yesterday. This week I've been mostly wrong because I thought we were going down and didn't expect this bounce. However, this move up is showing the same signs as the move that deviated above 45k-46k.

Bearish scenario still in play. https://t.co/ktv0jbC6aY

— il Capo Of Crypto (@CryptoCapo_) May 31, 2022

The other Venturefounder account added that the BTC/USD pair would need to retrace its 200-day moving average near $43,000 to “resume a fresh bull market,” calling that goal an “uphill battle.”

Whales wait quietly for a good opportunity to do something

Meanwhile, amid the nondescript crowds that accompanied the jump, additional concerns centered on the whales.

As noted by Caue Oliveira, an analyst at Brazilian analytics firm BlockTrends, Bitcoin’s biggest companies have yet to show confidence in recent lows like a macro bottom.

“Whales/institutions still haven’t unleashed their full firepower!” He summed it up in a Twitter thread:

“These large entities continue to reduce activity, exposing their caution with the global scenario. A close look at their moves can provide the true signal of a real reversal.”

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

Bitcoin Faces An Uphill Struggle Despite Surging 35% From $23.8K Lows | Coinscreed
Bitcoin whale wallet activity chart | Source: Caue Oliveira/ Twitter

Oliveira continued that activity on institutional platform Coinbase Pro also suggests that most investors are waiting on the sidelines.

“Right now I don’t see any sign of a real ‘buy the dive’ from these participants,” he added.

Whalemap-focused monitoring resource Whalemap went on to claim that without a breakout of the 200-week moving average, Bitcoin is yet to reach a true macro bottom.

What are the chances now? pic.twitter.com/WoSDMip8mU

— whalemap (@whale_map) May 30, 2022

This moving average was around $22,200 on May 31st.

Tags: bitcoin
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