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- 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 Terras UST stablecoin maintaining its $1 peg are all impacting sentiment within the crypto market.
- The possibility of a strong sell-off was discussed prior to Mondays move by analyst and pseudonymous Twitter user Nunya Bizniz, who posted the following chart highlighting a possible zone of capitulation for Bitcoin.
- 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.
- 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 average (MA).
- The analyst said, It’s that time in the cycle again! Price has dropped below the 2yr MA. Accumulate.
- According to Twitter crypto analyst Akash, Bitcoin whales have been accumulating through the previous downturns and sideways price action.
- Akash said, Wallets holding 10,000 to 100,000 BTC have been on a buying spree since April 30.