Bitcoin macro bottom 'not in yet' warns analyst as BTC price holds $30K

cointelegraph.com:

Bitcoin (BTC) failed to clinch $31,000 by the Wall Street open on May 13 as new warnings forecast continuation of downside.

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD consolidating after reaching just short of $31,000 earlier on the day.

United States stock markets saw some relief, the S&P 500 up 2.2% and the Nasdaq gaining 3.3% on the open.

The conspicuous exception was Twitter stock, which at the time of writing traded down 7.7% on the day thanks to Elon Musk delaying his takeover bid.

In parallel to the renewed equities strength came a declining U.S. dollar, with the U.S. dollar index (DXY) coming off fresh twenty-year highs to decline 0.2% — traditionally a boon for Bitcoin and risk assets more broadly.

$DXY - Finally showing some sort of chance for a pullback. This would help #Bitcoin and #Stocks. Still early to tell but it's better than seeing another green candle. pic.twitter.com/WZ3vSUwZsd

As optimism around Bitcoin slowly returned in the midst of the Terra LUNA blowout, some sources still argued that it was far from guaranteed that a deeper BTC price crash would be avoided.

Among them was on-chain analytics platform Material Indicators.

"This BTC rally could continue, but before you FOMO in, ask yourself what has changed fundamentally?" part of its latest Twitter update stated.

An accompanying order book chart from major exchange Binance showed moderate support in place below spot price, this nonetheless being little in comparison to the main wall at this week's $24,000 lows.

Equally wary was popular trading account HornHairs, which demanded a reclaim of up to $50,000 on the weekly chart to avoid a capitulation event.

"Until then there is a real chance we could chop around & dead cat bounce here