{"id":317823,"date":"2023-06-02T05:00:10","date_gmt":"2023-06-01T23:30:10","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=317823"},"modified":"2023-06-02T11:21:19","modified_gmt":"2023-06-02T05:51:19","slug":"bitcoin-traders-can-expect-this-as-btc-ends-may-in-red","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/bitcoin-traders-can-expect-this-as-btc-ends-may-in-red\/","title":{"rendered":"May ends in red; what next Bitcoin traders?"},"content":{"rendered":"<p><i><span style=\"font-weight: 400;\">Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer\u2019s opinion.<\/span><\/i><\/p>\n<p><span style=\"font-weight: 400;\">The U.S. overwhelmingly passed the recent debt ceiling deal, giving markets a breather. But <\/span><span style=\"font-weight: 400;\">Bitcoin\u2019s [BTC]<\/span><span style=\"font-weight: 400;\"> bearish sentiment persists after failing to flip bullish on the higher timeframe chart. It closed May in red, sustaining about 4% loss in monthly performance.\u00a0<\/span><\/p>\n<figure id=\"attachment_317825\" aria-describedby=\"caption-attachment-317825\" style=\"width: 1280px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4.png\"><img decoding=\"async\" class=\"size-full wp-image-317825\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4.png\" alt=\"\" width=\"1280\" height=\"609\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4.png 1280w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4-300x143.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4-1024x487.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/Coin360-4-768x365.png 768w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/a><figcaption id=\"caption-attachment-317825\" class=\"wp-caption-text\">Source: Source: Coin360<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Despite the <\/span><a href=\"http:\/\/ambcrypto.com\/bitcoin-the-curious-case-of-the-weekend-pump\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">price pump<\/span><\/a><span style=\"font-weight: 400;\"> seen last weekend, BTC recorded $11 million outflows in short-Bitcoin in the same period. The trend marks the sixth consecutive outflow totaling over $270 million, according to Coinshares\u2019 Digital Asset Fund Flows Weekly <\/span><a href=\"https:\/\/blog.coinshares.com\/volume-133-digital-asset-fund-flows-weekly-report-d1962cf39cea\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">report<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">While this underscores the prevailing negative sentiment, declining volumes were also worrying.\u00a0<\/span><\/p>\n<h4>BTC&#8217;s trendline resistance roadblock<\/h4>\n<figure id=\"attachment_317827\" aria-describedby=\"caption-attachment-317827\" style=\"width: 1950px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42.png\"><img decoding=\"async\" class=\"size-full wp-image-317827\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42.png\" alt=\"\" width=\"1950\" height=\"1109\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42.png 1950w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42-300x171.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42-1024x582.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42-768x437.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTCUSDT_2023-06-01_13-08-42-1536x874.png 1536w\" sizes=\"(max-width: 1950px) 100vw, 1950px\" \/><\/a><figcaption id=\"caption-attachment-317827\" class=\"wp-caption-text\">Source: BTC\/USDT on TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">BTC price action has been making lower highs after price rejection at $31k in mid-April. A trendline resistance (white) has become a key roadblock on the daily chart, preventing BTC from flipping to bullish. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">A recent bullish breakout on 28 May faced rejection at the trendline resistance, setting BTC to retrace to the previous mid-range of $26.8k. Below the mid-range lies the 111-day MA (Moving Average) of $26.5k. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The 111-MA has checked three major drops so far. One in mid-March and two in May, making it a key dynamic support level. A breach below the MA and range low of $26.0k could offer sellers more upper hand, denting the bullish sentiment further.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The two support levels to watch out for in such an extended plunge are $25k and $24k.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Conversely, BTC could rebound at the mid-range, which aligns with $26.6k, a key support level in late March\/April after the U.S. debt ceiling news.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, bulls must clear the trendline resistance roadblock to gain leverage. Northwards, resistance levels lay at $28.5k, $29.8k and $31k.\u00a0<\/span><\/p>\n<h4>CVD spot declines<\/h4>\n<figure id=\"attachment_317831\" aria-describedby=\"caption-attachment-317831\" style=\"width: 1777px\" class=\"wp-caption aligncenter\"><a href=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot.png\"><img decoding=\"async\" class=\"size-full wp-image-317831\" src=\"http:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot.png\" alt=\"\" width=\"1777\" height=\"1047\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot.png 1777w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot-300x177.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot-1024x603.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot-768x453.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2023\/06\/BTC-CVD-spot-1536x905.png 1536w\" sizes=\"(max-width: 1777px) 100vw, 1777px\" \/><\/a><figcaption id=\"caption-attachment-317831\" class=\"wp-caption-text\">Source: Coinalyze<\/figcaption><\/figure>\n<hr \/>\n<p style=\"text-align: center;\"><span style=\"font-weight: 400;\">Is your portfolio green? Check out the <\/span><a href=\"http:\/\/ambcrypto.com\/calculator\/bitcoin-profit-calculator\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">BTC Profit Calculator<\/span><\/a><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">Towards the end of May, CVD (Cumulative Volume Delta) spot took a nosedive, declining steadily from 29 May to 1 June (as of press time). It reinforces the sellers\u2019 leverage seen in the past few days.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">With the US debt ceiling out of the way, the focus now turns to the FOMC meeting in mid-June. In addition, the $28k level has been marked level by <\/span><a href=\"http:\/\/ambcrypto.com\/why-bitcoin-is-unable-to-rise-above-28k\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">long-term BTC holders<\/span><\/a><span style=\"font-weight: 400;\"> in profit and could remain a key obstacle for a while.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin retraces to a key dynamic support level as a trendline resistance and $28k becomes a double obstacle for bulls. <\/p>\n","protected":false},"author":70,"featured_media":317835,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,41,35,360,18,66,3,23,20],"tags":[],"class_list":["post-317823","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-analysis","category-bitcoin-news","category-btc-trading-view","category-hide-cryptopanic","category-new-news","category-news","category-no-home","category-trading-view"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>May ends in red; what next Bitcoin traders? - AMBCrypto<\/title>\n<meta name=\"description\" content=\"The US House overwhelmingly passed the recent US debt ceiling deal, giving markets a breather. 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She has always been fascinated by how the tides of finance and technology shape communities across demographics. 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