12.5 C
New York

Bitcoin in uphill battle despite 35% gains


Bitcoin (BTC) got some gains overnight into today, May 31st closing the losses for the month at around 15%Market data has shown BTC/USD consolidating again after the burst took it to $32,000 on Bit stamp. This marks the second day of bullish momentum, however, market analysts are skeptical about these movements.  There has been some discussion about whether these latest gains are 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. 

A popular twitter  account Il Capo of Crypto supported the bearish stance.

Amid the lack luster volumes alongside the bounce, additional concerns also sparked the whale’s interest. 

As stated by Caue Oliveira, an analyst at BlockTrends, Bitcoins largest entities are yet to display their confidence in the recent lows being a macro floor. “At the moment, I don’t see any evidence of a real ‘buy the dip’ by these participants,” he noted.

Related articles

Recent articles