Bitcoin (BTC) posted a new overnight profit until May 31, as the end of the month seemed to seal a loss of about 15%.
Asks stack up over $ 33,000
Data from Cointelegraph Markets Pro and TradingView showed that BTC / USD strengthened once again after a new burst raised it to $ 32,200 on Bitstamp.
The pair peaked on the second day with more bullish momentum, but this still did not impress experts, who generally thought the movements were unreliable.
These speculations continued into the day, amid discussions about whether the latest benefits equated to “dead cats.”
Is this #BTC movement real? I do not think so. The increase has been sold …
1- Inflow> 3,500 BTC on the spot market maximum (30.7k).
2- Negative Delta with a daily green candle of 4.5%. (delta difference).
3- Also positive gamma. MM stops the market. image.twitter.com/I1rEhjH0nq– M_Ernest_ ₿ (@M_Ernest_) May 30, 2022
“BTC is ready for a bigger movement. Before you monkey in, remember how cryptocurrencies like to squeeze shorts and trap long pants,” on the chain’s analytical resource Index wrote in one of several tweets over the past 24 hours.
“You can reduce the risk by waiting for a breach to be confirmed or forged. FireCharts shows where the liquidity lies in the order book. Closing of the month Tue.”
Order book data from the main stock exchange Binance, meanwhile, showed a solid $ 61 million sales wall that appeared at $ 33,500 at the time of writing.
The popular Twitter account Il Capo from Crypto continued its bearish stance but acknowledged that the jump had gone against previous forecasts.
Fine thrush from the bulls yesterday. This week I have mostly been wrong because I thought we were going down and did not expect this jump. However, this update shows the same signs as the movement that was a deviation over 45k-46k.
Bearish scenario still in play. https://t.co/ktv0jbC6aY
– il Capo Of Crypto (@CryptoCapo_) 31 May 2022
Member account Venturefounder added that BTC / USD would have to restore its 200-day moving average close to $ 43,000 to “have a new bull market again,” calling such a goal a “downhill battle.”
Whales wait their turn
While unacceptable amounts followed the jump, meanwhile, further concerns were focused on whales.
Related: ‘Mega bullish signal’ or ‘real breakdown?’ 5 things to know about Bitcoin this week
As Caue Oliveira, an analyst at Brazilian research firm BlockTrends, has pointed out, Bitcoin’s largest units have not yet shown that the recent slump is a macroeconomic floor.
“Whales / institutions have not yet used all their firepower on the market!” he compiled in a Twitter thread.
“These large units continue to reduce their activities and expose their caution to the global course of events. A close examination of their movements can give a true signal of a real turnaround.”
The attached picture showed a large drop in whale movements in May.
Oliveira went on to say that operations from the Coinbase Pro institutional platform also indicated that most investors were waiting on the sidelines.
“At the moment, I do not see any evidence of a real ‘buy dip’ in these participants,” he added.
Whalemap’s whale-focused monitoring tool further claims that without a 200-week moving average, Bitcoin would not have entered a true macroeconomic bottom.
What are the odds now? image.twitter.com/WoSDMip8mU
– Whale Map (@whale_map) May 30, 2022
This moving average was around $ 22,200 on May 31st.
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