Bitcoin (BTC<\/a>) put in fresh gains overnight into May 31 as the monthly close looked set to seal losses of around 15%.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a>\u00a0showed BTC\/USD consolidating once more after a fresh burst took it to $32,200 on Bitstamp.<\/p>\n The pair thus capped the second day of more bullish momentum<\/a>, this nonetheless failing to impress analysts, who widely believed that the moves were untrustworthy.<\/p>\n Those misgivings continued on the day amid discussions over whether the latest gains amounted to a \u201cdead cat bounce.\u201d<\/p>\n Is this #BTC<\/a> movement real? I think not. The rise has been sold… \u2014 M_Ernest_\u200b\u20bf (@M_Ernest_) May 30, 2022<\/a><\/p><\/blockquote>\n \u201cBTC is poised for a bigger move. Before you ape in, remember how crypto likes to squeeze shorts and trap longs,\u201d on-chain analytics resource Material Indicators wrote<\/a> in one of several tweets over the past 24 hours:<\/p>\n \u201cYou can mitigate risk by waiting to confirm breakout or fakeout. FireCharts shows where liquidity rests in the order book. Monthly close Tues.\u201d<\/p><\/blockquote>\n Order book data from major exchange Binance, meanwhile, showed a solid $61 million sell-wall appearing at $33,500 at the time of writing.<\/p>\n Popular Twitter account Il Capo of Crypto further continued a bearish stance while admitting that the bounce had run contrary to previous forecasts.<\/p>\n 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. <\/p>\n Bearish scenario still in play. https:\/\/t.co\/ktv0jbC6aY<\/a><\/p>\n \u2014 il Capo Of Crypto (@CryptoCapo_) May 31, 2022<\/a><\/p><\/blockquote>\n Fellow account Venturefounder added<\/a> that BTC\/USD would need to reclaim its 200-day moving average near $43,000 to \u201cresume a new bull market,\u201d calling such a target an \u201cuphill battle.\u201d<\/p>\n Amid unimpressive volumes accompanying the bounce, meanwhile, additional concerns focused on whales.<\/p>\n Related:\u00a0\u2018Mega bullish signal\u2019 or \u2018real breakdown?\u2019 5 things to know in Bitcoin this week<\/a><\/em><\/strong><\/p>\n As noted by Caue Oliveira, analyst at Brazilian analytics outfit BlockTrends, Bitcoin\u2019s largest entities have yet to show faith in recent lows being a macro floor.\u00a0<\/p>\n \u201cWhales\/institutions not yet deployed all their firepower on the market!\u201d he summarized<\/a> in a Twitter thread:<\/p>\n \u201cThese large entities continue to reduce activity, exposing their caution with the global scenario. A close look at their moves can provide the true signal of a real reversal.\u201d<\/p><\/blockquote>\n An accompanying chart showed a steep drop-off in whale movements in May.<\/p>\n Continuing, Oliveira said that activity from institutional platform Coinbase Pro likewise suggested that most investors were waiting on the sidelines.<\/p>\n \u201cAt the moment, I don\u2019t see any evidence of a real \u2018buy the dip\u2019 by these participants,\u201d he added.<\/p>\n Whale-focused monitoring resource Whalemap further contended that without a piercing of the 200-week moving average, Bitcoin had not yet put in a true macro bottom.<\/p>\n What are the chances now? pic.twitter.com\/WoSDMip8mU<\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/fddf5cb7-d3b6-402b-95a3-a5d6cb1130b0.png\")
Asks stack up above $33,000<\/h2>\n
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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<\/a><\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/2c85d5d1-79fd-4c85-aac6-a96752eb2f8d.png\")
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Whales bide their time<\/h2>\n
![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-05\/bc1ae0f0-a0cf-41f1-be51-2cdbcb4acbc4.png\")
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