ביטקאָין (בטק) put in fresh gains overnight into May 31 as the monthly close looked set to seal losses of around 15%.
Asks stack up above $33,000
דאַטן פון קאָינטעלעגראַף מאַרקעץ פּראָ און TradingView showed BTC/USD consolidating once more after a fresh burst took it to $32,200 on Bitstamp.
The pair thus capped the second day of more bullish momentum, this nonetheless failing to impress analysts, who widely believed that the moves were untrustworthy.
Those misgivings continued on the day amid discussions over whether the latest gains amounted to a “dead cat bounce.”
איז דאס # בטק 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_) מייַ קסנומקס, קסנומקס
“BTC is poised for a bigger move. Before you ape in, remember how crypto likes to squeeze shorts and trap longs,” on-chain analytics resource Material Indicators געשריבן 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.”
Order book data from major exchange Binance, meanwhile, showed a solid $61 million sell-wall appearing at $33,500 at the time of writing.
Popular Twitter account Il Capo of Crypto further continued a bearish stance while admitting that the bounce had run contrary to previous forecasts.
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
- די קאַפּאָו פון קריפּטאָ (@CryptoCapo_) מייַ קסנומקס, קסנומקס
Fellow account Venturefounder צוגעגעבן that BTC/USD would need to reclaim its 200-day moving average near $43,000 to “resume a new bull market,” calling such a target an “uphill battle.”
Whales bide their time
Amid unimpressive volumes accompanying the bounce, meanwhile, additional concerns focused on whales.
פֿאַרבונדענע: 'מעגאַ בוליש סיגנאַל' אָדער 'פאַקטיש ברייקדאַון?' 5 טינגז צו וויסן אין ביטקאָין דעם וואָך
As noted by Caue Oliveira, analyst at Brazilian analytics outfit BlockTrends, Bitcoin’s largest entities have yet to show faith in recent lows being a macro floor.
“Whales/institutions not yet deployed all their firepower on the market!” he סאַמערייזד אין אַ טוויטטער פאָדעם:
“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 steep drop-off in whale movements in May.
Continuing, Oliveira said that activity from institutional platform Coinbase Pro likewise suggested that most investors were waiting on the sidelines.
“At the moment, I don’t see any evidence of a real ‘buy the dip’ by these participants,” he added.
What are the chances now? pic.twitter.com/WoSDMip8mU
- ווייל מאַפּע (@ ווהאַלע_מאַפּ) מייַ קסנומקס, קסנומקס
That moving average was at around $22,200 as of May 31.
די מיינונגען און מיינונגען וואָס זענען אויסגעדריקט דאָ זענען בלויז די מחבר און טאָן ניט דאַווקע פאַרטראַכטן די קוקן פון Cointelegraph.com. יעדער ינוועסמאַנט און טריידינג מאַך ינוואַלווז ריזיקירן, איר זאָל דורכפירן דיין אייגענע פאָרשונג ווען איר מאַכן אַ באַשלוס.
Source: https://cointelegraph.com/news/bitcoin-faces-uphill-battle-despite-btc-price-gaining-35-from-23-8k-bottom