Bitcoin retests key $30K support zone as data highlights BTC whale accumulation
Crypto Fear & Greed Index. Source: Alternative.me multiple factors like rising pastime rates, the end of easy money policies by the Federal Reserve, declining stock prices and concerns related to TerraUSD ( UST ) stablecoin maintaining its $ 1 peg are all affect sentiment within the crypto market. Data from Cointelegraph Markets Pro and TradingView shows that an good afternoon of heavy sell on May 9 hammered the price of BTC to a day by day low of $ 30,334 as bulls madly regrouped to defend the psychologically authoritative $ 30,000 price level .
BTC/USDT 1-day chart. Source: TradingView here ’ s a expression at what several analysts are saying about the expectation for Bitcoin moving advancing, along with some insight into how BTC whales are reacting to the recent price action.
Has a bear market started?
The possibility of a hard sell-off was discussed prior to Monday ’ randomness affect by analyst and pseudonymous Twitter exploiter Nunya Bizniz, who posted the succeed chart highlighting a possible partition of capitulation for Bitcoin .
BTC/USD 1-week chart. Source: Twitter Nunya Bizniz said :
“This 8-yr parallel channel has four perfect touches. Will there be another capitulation spike low within the yellow circle, between red and blue, aligning with the prior all-time high?”
Based on the chart provided, the price of BTC could drop ampere low as $ 19,891 if such a scenario played out. In one manner or another, what comes next for BTC is likely to ripple across the cryptocurrency grocery store as the stream mottle of losses is nearing record-breaking territory, as noted by pseudonymous Twitter exploiter “ Bitcoin Archive. ”
# Bitcoin went down 6 weeks in a row for equitable the moment time ever.
It has never had 7 red weeks in a row. pic.twitter.com/NNXuQUHQC9
— Bitcoin Archive (@BTC_Archive) May 9, 2022
Bitcoin price is trading below its 2-year moving average
A more positive lead on the holocene helplessness was offered by crypto analyst Philip Swift, who posted the succeed chart looking at the BTC price relative to its 2-year move average ( MA ) .
Bitcoin 2-year MA multiplier. Source: Twitter The analyst said :
“It’s that time in the cycle again! Price has dropped below the 2yr MA. Accumulate.”
Related: Bitcoin price falls to $31K as traders prepare for a ‘rocky’ road and more downside
Whales wallets have been feasting
According to Twitter crypto analyst Akash, Bitcoin whales have been accumulating through the previous downturns and sideway price action .
BTC price vs. wallets holding 10,000 to 100,000 BTC. Source: Twitter Akash said :
“Wallets holding 10,000 to 100,000 BTC have been on a buying spree since April 30.”
While this datum is encouraging on some levels, it ’ randomness significant to remember that there are no guarantees against another drift exchange or far downside, and traders would be wise to assume nothing and take excess care to manage their risk moving ahead. The overall cryptocurrency market cap now stands at $ 1.411 trillion, and Bitcoin ’ s dominance rate is 41.5 %. The views and opinions expressed hera are entirely those of the generator and do not inevitably reflect the views of Cointelegraph.com. Every investing and trade move involves gamble, you should conduct your own research when making a decision .