Bitcoin (BTC) has seen headwinds that have pushed its price to a low of $ 28,000 a yearAfter a notable bull run that hit a record high of $ 64.8,000 in mid-April.
BTC hovered around $ 33,438 during intraday trading CoinMarketCap.
BTC suffered a sharp correction on May 19 when the price fell to around $ 30,000, causing the largest price drop in a day of up to 30%. In addition, this price drop marked the first time BTC fell below the 200-day moving average (MA).
The 200 day MA is an important technical indicator in determining general market trend. It’s a line that shows the average closing price for the last 200 days, or approximately 40 weeks of trading.
Market analyst Lark Davis believes the bears are still in charge because Bitcoin is still trading below major daily moving averages such as 50 MA, 200 EMA and 200 MA. He explained:
“Bitcoin is still trading below the major daily moving averages. The bears are still in the driver’s seat of this market. That doesn’t mean that I’m a bear, just the current market facts. “
The crypto analyst Joseph Young repeated this opinion. He noticed:
“The Bitcoin funding rate is negative on all major exchanges. Means that many are short selling (selling) on the futures market. Be careful today, volatility could increase. “
Bitcoin whales hold 48.37% of the circulating supply
according to to the provider of on-chain metrics Santiment:
“Bitcoin’s whale addresses, which hold between 100 and 10,000 BTC, are finally showing a turning point in accumulation. In the past 2 weeks, these big addresses have lost 60,000 BTC. They hold 48.37% of supply after holding 49.09% near the all-time high. “
Santiment admitted that Bitcoin whales were buying again after selling 60,000 BTC in the past 2 weeks.
On the other hand, on-chain analyst William Clemente III familiar that retail investors (companies with 0.001 BTC to 1BTC) are not responsible for the decline in Bitcoin prices because they aggressively topped up their holdings.
However, it remains to be seen whether bears will continue to rule the Bitcoin market.
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