Bitcoin macro bottom ‘not yet there’ warns analysts as BTC price holds at $30k

Bitcoin (bitcoin) failed to close $31,000 ahead of Wall Street’s open on May 13, as new warnings predicted continued declines.

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

Dollar falls, stocks rebound over the weekend

data from Cointelegraph Market Pro and Transaction view Shows BTC/USD consolidating after hitting $31,000 earlier in the day.

U.S. stocks eased, with the S&P 500 opening up 2.2% and the Nasdaq up 3.3%.

One notable exception is Twitter stock, which was down 7.7% on the day at the time of writing as Elon Musk delayed his takeover bid.

US Dollar Index (DXY) 1 hour candle. Source: TradingView

The U.S. dollar fell as stocks regained strength, with the U.S. dollar index (DXY) down 0.2% from a fresh 20-year high — traditionally positive for bitcoin and risk assets more broadly.

As optimism surrounding Bitcoin rises Terra LUNA blowoutsome sources still believe that a deeper BTC price crash is far from guaranteed.

These include the on-chain analytics platform Material Indicators.

“This BTC rally may continue, but before you FOMO, ask yourself what fundamentally changed?” part of its latest Twitter update statement.

“IMO, the macro bottom isn’t there yet.”

An accompanying order book chart from major exchange Binance shows moderate support below spot prices, but it’s still insignificant compared to the main wall at this week’s low of $24,000.

BTC/USD order book data (Binance).Source: Material Metrics/Twitter

Also on the alert is the popular trading account HornHairs, which is calling for the withdrawal of up to $50,000 on weekly charts to avoid a capitulation event.

“Before that, there’s a good chance we’re swinging around here, the dead cat bouncing around here for a couple of weeks, hitting the $20k accumulation bottom again,” a recent tweet said. read.

As Cointelegraph reported, further theory suggests that in keeping with its tradition of an 80% retracement from all-time highs, BTC/USD will Just dive to $14,000.

Hayes: I would buy Bitcoin for $20,000 and Ethereum for $1,300

As the dust settled in the markets this week, another voice reiterated his fears of a new crash on the horizon.

related: Canadian Bitcoin ETF Adds 6.9K BTC in One Day as GBTC Discount Hits All-Time Low

In his latest blog post, which focuses primarily on the LUNA phenomenon, Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, Call $20,000.

“There must be time for crypto capital markets to recover after the bloodletting is over. So trying to understand a reasonable price target would be foolish. But I will say this – given my macro view of the inevitability of money printing, I will close Eyes, believe in the Lord,” he wrote.

“So, I am a buyer of $20,000 in bitcoin and $1,300 in ether. These levels roughly correspond to the all-time highs for each asset during the 2017/18 bull market.”

Hayes previously $30,000 required The attack will come in June, before this week’s reorganization unfolds. However, he also tells readers to prepare for long-term pain in crypto assets and stocks in the long run.

He said that by 2030, Bitcoin should cost ‘millions’“Dollar.

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