Fear reigns supreme in the cryptocurrency market, with the BTC price swinging near $30,000. However, data suggests that whales and momentum traders may be interested in accumulating in this zone.
The crypto market’s sentiment plummeted to a new low on May 9, when the ongoing sell-off became more severe with traders pushing Bitcoin (BTC) to $30,334, its lowest price since July 2021.
Crypto Fear & Greed Index. Source: Alternative.me
The end of easy money policies by the Federal Reserve, declining stock prices, and concerns about Terra’s UST stablecoin maintaining its $1 peg are all having an impact on market sentiment. The price of Bitcoin fell to a daily low of $30,334 in the afternoon of May 9 after a long period of heavy selling.
BTC/USDT 1-day chart. Source: TradingView
Here’s a look at what several experts have to say about Bitcoin’s future prospects, as well as some insight into how Bitcoin whales are reacting to the most recent price fluctuations.
Has the bear market begun?
Analyst and pseudonym ‘Nunya Bizniz’ warned of a potential big sell-off before Monday’s move, with the following chart showing a potential zone 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, if the BTC price fell to $19,891, it would be the bottom for the cryptocurrency market as a whole. whatever happens next for bitcoin is likely to reverberate across the cryptocurrency industry, according to pseudonymous Twitter user ‘Bitcoin Archive,’ who added that the current streak of losses is on track to breaking new ground.
Bitcoin is currently trading below its 2-year moving average
Philip Swift, a cryptocurrency analyst, posted the following chart comparing the BTC price to its 2-year moving average (MA), which is seen as a more optimistic view of recent declines.
The analyst said, “It’s that time in the cycle again! Price has dropped below the 2yr MA. Accumulate.”
Whales have been eating them up.
According to Twitter crypto analyst Akash, Bitcoin whales have been accumulating throughout previous downturns and sideways price movement.
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.”
The overall cryptocurrency market capitalization is now $1.411 trillion, with Bitcoin’s dominance rate at 41.5%.
The Crypto Tax Calculator Australia is a great resource for Australian cryptocurrency traders. By using the calculator, users can easily and quickly get a report on the taxes they will need to pay. This credit report can then be used at tax time, making it easy to file your taxes correctly. So why wait? Get started today!