Bitcoin (BTC) bounced back from ten-month lows on May 11 as the start of Wall Street trading gave bulls some relief.
Data from Cointelegraph Markets Pro and TradingView showed BTC/USD erasing the impact of above-expectation United States inflation data, hitting $32,000 on Bitstamp.
April's Consumer Price Index (CPI) print has sent the pair into a fresh tailspin, with $30,000 giving way to levels not seen since July 2021.
As turmoil over Terra, its LUNA and TerraUSD (UST) tokens and co-founder Do Kwon continued, the mood remained firmly wary. The Crypto Fear & Greed Index measured sentiment with a normalized score of 10/100 on May 10, one of the lowest ever recorded.
"Could go to $28,000 more or less," popular trader Crypto Ed forecast in his latest YouTube and Twitter update released before the CPI news, adding that he considered the downside "not finished yet."
#BTC needs to Weekly Close above orange to confirm ~$32000 as support
— Rekt Capital (@rektcapital) May 11, 2022
So what short-term market structure could facilitate such a move back above ~$32000?
At this time, a potential 4HR Ascending Triangle + Bullish Divergence could do it
Worth watching$BTC#Crypto#Bitcoinpic.twitter.com/Bo6C1YOVp3
The 24 hours to the time of writing meanwhile saw another $860 million in cross-crypto liquidations, data from on-chain monitoring resource Coinglass confirmed.
Away from Terra, attention also focused on Bitcoin hard forks on the day.
Related: Little forkers: BCH and BSV get crushed by Bitcoin price in 2021
Bitcoin Cash (BCH), which hit a peak of 0.1829 BTC in December 2017, had the dubious honor of hitting new all-time lows in BTC terms on May 11.
Now at just 0.0068 BTC, BCH drew ridicule in line with its spin-off Bitcoin SV (BSV), which likewise put in a new floor against BTC.
"Bitcoin will remind you why it is king. ALT / BTC valuations are in for a reckoning," commentator Benjamin Cowen wrote.
"The story has been told in the past and it’s the same story again. See you at 60% BTC dominance."
Bitcoin's market dominance stood at 43.7% at the time of writing, up around 4% from 2022 lows set in January, according to data from CoinMarketCap.
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Scott Melker believes that during the last halving cycle, the price of Bitcoin rose from a high of $20,000 to a high of $69,000, an appreciation of 250.86%. If a similar trend emerges, “Bitcoin will be at $240,000.”
JinseFinanceThe recent Bitcoin price decline is a concoction of CME futures outflows, spot sales, and structural shifts. However, analysts predict a swift attenuation of these effects, paving the way for a stabilizing Bitcoin price in the near future.
SanyaThe price of Bitcoin is stuck in consolidation, and the market atmosphere is in a tug-of-war state. On the one hand, increased institutional investment has brought optimism, and on the other hand, concerns about potential sell-offs by miners have posed pressure.
JinseFinanceThe current broad categories of investable assets are divided into two categories: 1. Production assets that can create cash flow by themselves; 2. Commodity assets that cannot create cash flow by themselves.
JinseFinanceBitcoin, according to CFTC Chairman Behnam, might flourish in a regulated market where institutional investors are more at ease investing in the space.
Others
NulltxBear market fractals, weak technicals and macro risks continue to signal more pain for Bitcoin ahead.
CointelegraphA casual dash over the $25,000 mark is fully retraced as weekend trading produces some classic volatility.
CointelegraphNulltxNulltx