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

Bitcoin has been seeing a lot of gains since its bottom on December 18th and is currently trading at about $4,000. However, many analysts argue that the cryptocurrency still faces an uphill battle to get back into investors’ good graces after having seen so much volatility in 2018.

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The “bitcoin price prediction” is a difficult task. The cryptocurrency is facing an uphill battle to get back up to its previous value.

Bitcoin (BTC) made further advances overnight into May 31, despite the fact that the monthly closure seemed poised to lock losses of approximately 15%.

Bitcoin-faces-uphill-battle-despite-BTC-price-gaining-35-from1 hour candle chart of BTC/USD (Bitstamp). TradingView is the source of this information.

The total amount of requests exceeds $33,000.

BTC/USD is stabilising again, according to data from Cointelegraph Markets Pro and TradingView, after a new spike drove it above $32,200 on Bitstamp.

The pair therefore ended a second day of stronger positive momentum, but experts were not impressed, since the movements were largely seen as untrustworthy.

Those reservations persisted throughout the day, as traders debated whether the recent gains were 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_) (@M Ernest_) (@M Ernest_) (@M Ernest_) (@M 30th of May, 2022

“BTC is on the verge of making a significant move. Remember how crypto loves to squeeze shorts and trap longs before you go in “Material Indicators, an on-chain analytics site, stated in one of numerous tweets over the last 24 hours.

“Wait for confirmation of breakout or fakeout to reduce risk. FireCharts displays where the order book’s liquidity is located. Tuesday is the last day of the month.”

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Data from main exchange order books At the time of writing, Binance had a firm $61 million sell-wall, with the price hovering around $33,500.

1653992893_529_Bitcoin-faces-uphill-battle-despite-BTC-price-gaining-35-fromData from the BTC/USD order book (Binance). Material Indicators is the source of this information.

Il Capo of Crypto, a popular Twitter account, maintained its pessimistic attitude while recognizing that the recent rally defied expectations.

The bulls put up a good fight yesterday. I’ve been mainly incorrect this week since I felt we were headed lower and didn’t anticipate this rebound. This move up, however, is exhibiting the same characteristics as the rise that diverged over 45k-46k.

The bearish outlook is still in effect. https://t.co/ktv0jbC6aY

— @CryptoCapo_ (@ilCapoOfCrypto) 30th of May, 2022

BTC/USD would need to recapture its 200-day moving average around $43,000 to “continue a new bull market,” according to Venturefounder, who described such a goal as a “uphill fight.”

Whales pass the time.

Meanwhile, fresh worries about whales emerged amid the bounce’s lackluster volumes.

Related: Is it a’real collapse’ or a’mega bullish signal?’ This week in Bitcoin, here are 5 things to keep in mind.

Bitcoin’s biggest businesses, according to Caue Oliveira, analyst at Brazilian analytics firm BlockTrends, have yet to express conviction in recent lows being a macro floor. 

In a Twitter conversation, he stated, “Whales/institutions haven’t yet used all their firepower on the market!”

“These huge organizations are continuing to scale down their activities, revealing their apprehension about the world situation. A thorough examination of their actions may reveal the genuine indication of a true reversal.”

In May, the number of whale movements dropped dramatically, according to a graphic that accompanied the article.

1653992894_901_Bitcoin-faces-uphill-battle-despite-BTC-price-gaining-35-fromChart of Bitcoin whale wallet activity. Caue Oliveira/Twitter is the source of this information.

Oliveira went on to say that activity from institutional platform Coinbase Pro indicated that most investors were on the sidelines as well.

“At the moment, I don’t see any indication of these people really buying the dip,” he continued.

A resource for monitoring whales Whalemap also claimed that Bitcoin has not yet reached a real macro bottom since the 200-week moving average had not been pierced.

What are your chances right now? pic.twitter.com/WoSDMip8mU

May 30, 2022 — whalemap (@whale map)

As of May 31, the moving average was about $22,200.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

Bitcoin has seen a 35% increase in price from its bottom of $23.8K to the current $30K. This is despite the fact that Bitcoin faces an uphill battle with regulatory uncertainty and lack of institutional investors. Reference: bitcoin prices history.

Related Tags

  • btc price prediction 2025
  • ethereum price prediction 2025
  • how much was bitcoin in 2018
  • 2015 bitcoin price
  • what was bitcoin worth in 2012

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