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

Sentiment crossed the cryptocurrency marketplace plunged adjacent deeper connected May 9 arsenic an escalation successful the ongoing sell-off intensified with bears pushing Bitcoin (BTC) to $30,334, its lowest terms since July 2021. 

Crypto Fear & Greed Index. Source: Alternative.me

Multiple factors similar rising involvement rates, the extremity of casual wealth policies by the Federal Reserve, declining banal prices and concerns related to Terra’s UST stablecoin maintaining its $1 peg are each impacting sentiment wrong the crypto market.

Data from Cointelegraph Markets Pro and TradingView shows that an day of dense selling connected May 9 hammered the terms of BTC to a regular debased of $30,334 arsenic bulls frantically regrouped to support the psychologically important $30,000 terms level.

BTC/USDT 1-day chart. Source: TradingView

Here’s a look astatine what respective analysts are saying astir the outlook for Bitcoin moving forward, on with immoderate penetration into however BTC whales are reacting to the caller terms action.

Has a carnivore marketplace started?

The anticipation of a beardown sell-off was discussed anterior to Monday’s determination by expert and pseudonymous Twitter idiosyncratic ‘Nunya Bizniz’, who posted the pursuing illustration highlighting a imaginable portion of capitulation for Bitcoin.

BTC/USD 1-week chart. Source: Twitter

Nunya Bizniz said,

“This 8-yr parallel transmission has 4 cleanable touches. Will determination beryllium different capitulation spike debased wrong the yellowish circle, betwixt reddish and blue, aligning with the anterior all-time high?

Based connected the illustration provided, the terms of BTC could driblet arsenic debased arsenic $19,891 if specified a script played out. 

One mode oregon another, what comes adjacent for BTC is apt to ripple crossed the cryptocurrency marketplace arsenic the existent streak of losses is nearing record-breaking territory arsenic noted by pseudonymous Twitter idiosyncratic ‘Bitcoin Archive’.

— Bitcoin Archive (@BTC_Archive) May 9, 2022

Bitcoin terms is trading beneath its 2-year moving average

A much affirmative instrumentality connected the caller weakness was offered by crypto expert Philip Swift, who posted the pursuing illustration looking astatine the BTC terms comparative to its 2-year moving mean (MA).

Bitcoin 2-year MA multiplier. Source: Twitter

The expert said,

“It's that clip successful the rhythm again! Price has dropped beneath the 2yr MA. Accumulate.”

Related: Bitcoin terms falls to $31K arsenic traders hole for a ‘rocky’ roadworthy and much downside

Whales wallets person been feasting

According to Twitter crypto expert Akash, Bitcoin whales person been accumulating done the erstwhile downturns and sideways terms action. 

BTC terms vs. wallets holding 10,000 to 100,000 BTC. Source: Twitter

Akash said,

“Wallets holding 10,000 to 100,000 BTC person been connected a buying spree since April 30.”

While this information is encouraging connected immoderate levels it's important to retrieve that determination are nary guarantees against different inclination alteration oregon further downside and traders would beryllium omniscient to presume thing and instrumentality other attraction to negociate their hazard moving forward.

The wide cryptocurrency marketplace headdress present stands astatine $1.411 trillion and Bitcoin’s dominance complaint is 41.5%.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.