Bitcoin faces ‘uphill battle’ despite BTC price gaining 35% from $23.8K bottom

Bitcoin

Bitcoin faces ‘uphill battle’ despite BTC price gaining 35% from $23.8K bottom

A giant sell well appears at $33,500 as Bitcoin’s rise — which succeeded in surprising some — comes under close scrutiny.

Bitcoin faces ‘uphill battle’ despite BTC price gaining 35% from $23.8K bottom

Bitcoin (BTC) put in fresh gains overnight into May 31 as the monthly close looked set to seal losses of around 15%.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

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 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.”

“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:

Fellow account Venturefounder added 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.

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 summarized in a Twitter thread:

That moving average was at around $22,200 as of May 31.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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