Bitcoin retests key $30K support zone as data highlights BTC whale accumulation

The cryptocurrency market’s sentiment plunged further on May 9, as bears pushed Bitcoin (BTC), to $30,334, their lowest price since July 2021.

Crypto Fear & Greed Index. Source: Alternative.me

Sentiment in the crypto market is affected by many factors, including rising interest rates, the end to easy money policies at the Federal Reserve, falling stock prices, and concerns about Terra’s UST stabilitycoin keeping its $1 peg.

Data from TradingView and Cointelegraph Markets Pro shows that heavy selling on May 9, hammered BTC’s price to $30,334 per day as bulls scrambled to protect the psychologically significant $30,000 price level.

BTC/USDT 1-day chart. Source: TradingView

Below is a list of what analysts have to say about Bitcoin’s future prospects. Also, a glimpse into the reactions of BTC whales to recent price movements.

Is there a bear market?

Analyst and pseudonymous user on Twitter, ‘Nunya’ Bizniz, discussed the possibility of a strong selling before Monday’s move. She posted this chart showing a potential zone of capitulation for Bitcoin.

BTC/USD 1-week chart. Source: Twitter

Nunya Bizniz said,

“This parallel channel of 8 years has four great touches. Is there a capitulation spike in the yellow circle between red and blue that aligns with the previous all-time high?

The chart shows that the price of Bitcoin could fall to $19,891 in the event of such an outcome.

What comes next for BTC will likely ripple across cryptocurrency markets as the current streak is nearing record-breaking territory, as noted by pseudonymous Twitter user “Bitcoin Archive”.

Only the second time in history, #Bitcoin fell 6 weeks consecutively. It has never seen 7 consecutive red weeks. pic.twitter.com/NNXuQUHQC9
— Bitcoin Archive (@BTC_Archive), May 9, 2022

Bitcoin prices are trading below their 2-year moving average

Crypto analyst Philip Swift posted this chart, which shows the BTC price relative its 2-year moving mean (MA). This is a more positive view of the current weakness.

Bitcoin 2-year MA multiplier Source: Twitter

According to the analyst,

“It’s that cycle time again!” The price has fallen below the 2yr MA. Accumulate.”

Related: Bitcoin price drops to $31K, as traders prepare for a “rocky” road and other downsides

Whales are known to be a scrumptious species.

Akash, a Twitter crypto analyst, said that Bitcoin whales are accumulating during the past downturns and sideways price movement.

BTC price vs. wallets that hold 10,000 to 100,000 BTC Source: Twitter

Akash stated,

“Bad wallets with 10,000 to 100,000 BTC are on a buying spree”

This data is positive on certain levels, but traders should remember that there aren’t any guarantees against another trend change. Traders would be wise not to assume anything and to take extra precautions to manage their risk going forward.

The total cryptocurrency market is now worth $1.411 trillion, and Bitcoin is the dominant currency at 41.5%.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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