Bitcoin (BTC) 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
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating once more after a fresh burst took it to $32,200 on Bitstamp.
The pair thus capped a 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.”
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 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 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.”
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
— il Capo Of Crypto (@CryptoCapo_) May 31, 2022
Fellow…
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