{"id":28659,"date":"2022-05-31T07:28:53","date_gmt":"2022-05-31T11:28:53","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=28659"},"modified":"2022-05-31T07:29:02","modified_gmt":"2022-05-31T11:29:02","slug":"bitcoin-faces-an-uphill-struggle-despite-surging-35-from-23-8k-lows","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bitcoin-faces-an-uphill-struggle-despite-surging-35-from-23-8k-lows\/","title":{"rendered":"Bitcoin Faces An Uphill Struggle Despite Surging 35% From $23.8K Lows"},"content":{"rendered":"\n

Bitcoin (BTC) made fresh gains overnight<\/a> on May 31 as the month close was expected to seal losses of around 15%.<\/p>\n\n\n\n

\"Bitcoin
BTC\/USD 1-hour candle chart | Source: TradingView<\/figcaption><\/figure>\n\n\n\n

Sell triggers accumulate over $33,000<\/h2>\n\n\n\n

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

The pair thus ended the second day with more bullish momentum<\/a>, but that did not impress analysts, who widely believed the moves were unreliable.<\/p>\n\n\n\n

Those doubts continued into the day amid disputes over whether recent gains represented a “dead cat bounce.”<\/p>\n\n\n\n

\n

Is this #BTC\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a> 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<\/use><\/svg><\/span><\/a><\/p>— ErnestScalps (@ErnestScalps) May 30, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

\u201cBTC is ready for a bigger move. Before you begin, consider how cryptocurrencies squeeze shorts and lock longs,\u201d on-chain analytics resource Material Indicators wrote in one of several tweets<\/use><\/svg><\/span><\/a> over the past 24 hours:<\/p>\n\n\n\n

\u201cYou can mitigate risk by waiting to confirm breakout or fakeout. FireCharts shows where liquidity rests in the order book. Monthly close Tues.\u201d<\/p><\/blockquote>\n\n\n\n

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

\"Bitcoin
BTC\/USD order book data | Source: Material Indicators<\/figcaption><\/figure>\n\n\n\n

Popular Twitter account Il Capo of Crypto continued its bearish stance while admitting that the bounce went contrary to previous predictions.<\/p>\n\n\n\n

\n

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<\/use><\/svg><\/span><\/a><\/p>— il Capo Of Crypto (@CryptoCapo_) May 31, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

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.”<\/p>\n\n\n\n

Whales wait quietly for a good opportunity to do something<\/h2>\n\n\n\n

Meanwhile, amid the nondescript crowds that accompanied the jump, additional concerns centered on the whales.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

“Whales\/institutions still haven't unleashed their full firepower!” He summed it up in a Twitter thread:<\/p>\n\n\n\n

\u201cThese 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.\u201d<\/p><\/blockquote>\n\n\n\n

An accompanying chart showed a sharp drop in whale movements in May.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin whale wallet activity chart | Source: Caue Oliveira\/ Twitter<\/figcaption><\/figure>\n\n\n\n

Oliveira continued that activity on institutional platform Coinbase Pro<\/a> also suggests that most investors are waiting on the sidelines.<\/p>\n\n\n\n

“Right now I don't see any sign of a real ‘buy the dive' from these participants,” he added.<\/p>\n\n\n\n

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.<\/p>\n\n\n\n

\n

What are the chances now? pic.twitter.com\/WoSDMip8mU<\/use><\/svg><\/span><\/a><\/p>— whalemap (@whale_map) May 30, 2022<\/use><\/svg><\/span><\/a><\/blockquote>

This moving average was around $22,200 on May 31st.<\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) made fresh gains overnight on May 31 as the month close was expected to seal losses of around 15%. Sell triggers accumulate over $33,000 Data from TradingView showed BTC\/USD consolidating again after surging to $32,200 on Bitstamp by rebound. The pair thus ended the second day with more bullish momentum, but that did […]<\/p>\n","protected":false},"author":34,"featured_media":28666,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83],"tags":[152],"class_list":["post-28659","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2022\/05\/images-2022-05-31T122700.225.jpeg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28659","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=28659"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/28659\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/28666"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=28659"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=28659"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=28659"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}