Bitcoin price reclaims $30K as Bitcoin Cash hits fresh record low against BTC

Bitcoin (BTC) bounced back from ten-month lows on May 11 as the start of Wall Street trading gave bulls some relief.

One day, $860 million more crypto liquidations

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

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 #Bitcoin pic.twitter.com/Bo6C1YOVp3

— Rekt Capital (@rektcapital) May 11, 2022

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.

Bitcoin bad? It could be worse…

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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