Bitcoin regains $30,000, but suspicions of a ‘bear market rally’ are everywhere

Welcome to the Cointelegraph Markets weekly newsletter where we look at the influential factors behind Bitcoin price action for the days ahead.

View this email in your browser Bitcoin regains $30,000, but suspicions of a 'bear market rally' are everywhere "Remember you can diversify with stocks if you like losing money in things other than crypto." — Benjamin Cowen Welcome to the Cointelegraph Markets weekly newsletter that covers the main factors influencing Bitcoin's price in the week ahead. After a decidedly dull weekend, Bitcoin has provided a last-minute surprise going into the week of May 30. Right after sealing its ninth-straight red weekly candle, BTC/USD went straight back to local highs near $30,700 — a move that naturally has not gone unnoticed by traders. The question, as ever, is whether the strength can sustain, or whether bulls are being treated to just another "bull trap." Macro cues may have to wait until Tuesday, as the Memorial Day holiday means Wall Street is off the scene on the first day of the week. After months of steady losses, however, most market participants are sober on the outlook when it comes to both crypto and traditional risk assets. What could be in store in the coming days as crypto markets face demands for capitulation while refusing to hand it to bears? Continue reading to discover five potential BTC price triggers waiting to move the market. Another week, another red record Bitcoin has now closed out nine weeks of straight red candles — more than ever before. The weekly close price of $29,500 is now an area of interest as potential support, but many believe the downside is far from over. In addition to low volume, a CME futures gap is already in place at $29,000. Asian stocks lead, but faith in the rebound wears thin Market pundits are under no illusions when it comes to current macro action as inflation and the risk of recession worldwide remain. A COVID-related relief bounce in Asia could be exactly that, one analyst says this week, as an overall bear market plods on. In Bitcoin, meanwhile, correlation to stocks is under scrutiny again. Dollar strength dives further Could the cloud have a silver lining? If so, the U.S. dollar might provide it. The U.S. dollar index (DXY) continues on its retracement from 20-year highs this week and is now testing a long-term trendline. Opinions are mixed, however, on whether the dollar is really done with its rally. UTXOs shed light on a possible March 2020 rerun On-chain data may hold an additional source of inspiration for bulls under current circumstances. Realized cap age bands for Bitcoin are now mimicking their behavior from during the March 2020 crash. Whales may be selling, but a watershed moment may soon be here, the figures suggest. Sentiment stays morbid The "meme index" says it all this week — crypto sentiment is at generational lows yet again. The Crypto Fear & Greed Index is at 10/100 and seemingly uninterested in Bitcoin's push above $30,000. "Extreme fear," however, could still present buying opportunities. The Markets are moving, are you? Cointelegraph Markets Pro brings you deep analysis and alerts powered by machine learning to help you stay on the cutting edge as the markets evolve. Don't trade without doing your research! Data-driven trades are smart trades. Trade like a PRO 3.5 million people follow us on social media Download our official app:

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