Bitcoin retests key $30K support zone as data highlights BTC whale accumulation
Sentiment across the cryptocurrency market plunged even deeper on May 9 as an escalation in the ongoing sell-off intensified with bears pushing Bitcoin (BTC) to $30,334, its lowest price since July 2021.
Multiple factors like rising interest rates, the end of easy money policies by the Federal Reserve, declining stock prices and concerns related to Terra’s UST stablecoin maintaining its $1 peg are all impacting sentiment within the crypto market.
Data from Cointelegraph Markets Pro and TradingView shows that an afternoon of heavy selling on May 9 hammered the price of BTC to a daily low of $30,334 as bulls frantically regrouped to defend the psychologically important $30,000 price level.
Here’s a look at what several analysts are saying about the outlook for Bitcoin moving forward, along with some insight into how BTC whales are reacting to the recent price action.
The possibility of a strong sell-off was discussed prior to Monday’s move by analyst and pseudonymous Twitter user ‘Nunya Bizniz’, who posted the following chart highlighting a possible zone of capitulation for Bitcoin.
Nunya Bizniz said,
Based on the chart provided, the price of BTC could drop as low as $19,891 if such a scenario played out.
One way or another, what comes next for BTC is likely to ripple across the cryptocurrency market as the current streak of losses is nearing record-breaking territory as noted by pseudonymous Twitter user ‘Bitcoin Archive’.
#Bitcoin went down 6 weeks in a row for just the second time ever.It has never had 7 red weeks in a row. pic.twitter.com/NNXuQUHQC9
A more positive take on the recent weakness was offered by crypto analyst Philip Swift, who posted the following chart looking at the BTC price relative to its 2-year moving
Read more on cointelegraph.com
