The latest price actions saw Bitcoin taking a massive hit. Meanwhile, the world’s largest cryptocurrency lost the $33,610 support, the mid-2021 multi-month higher low. Such developments had HODLers and investors exhibiting fear and unrest.
Nevertheless, considering the MA of the previous 200 days, BTC lost 10% only since the initial halving, according to Ecoinmetricts’ tweet. Furthermore, the current BTC position has the crypto at challenging crossroads.
Will Individuals Gain Faith In BTC?
Bitcoin’s MVRV ratio stood around 1.25 at this publication. The dominant crypto is neither undervalued (beneath 1) nor overvalued (beyond 3.7). Also, the token’s exchange netflow volume hovered at a record (positive) number of near 52K, massively higher than the previous May 5 positive reading of 2K. That indicates market players are ready to liquidate holdings.
CoinGecko data shows BTC trading at a 7.6% loss over the previous day and 19.3% down within the past seven days (at this publication). While writing this content, Bitcoin changed wallets near $31,295.
The Awesome Oscillator remained beneath the zero-line for the 5th day consecutively. Meanwhile, the Relative Strength Indicator dropped under 30. That reflects the bearish pressure that sellers’ exhibited.
Pipelining Reversal?
Active addresses touched 1.17 million on May 5 before plummeting toward 1.05 million on May 9. That showed investors actively purchasing and selling, fear controlling the actions. Also, Glassnode data shows May 9 NVT ratio was 3.73, lower than May 7 at 8.2. That’s not a lucrative reading for BTC investors.
Besides the price trajectory, investors’ sentiment confirms the leading crypto might witness another dip soon. However, as retail investors escape the bearish market, El Salvador increases its balance sheet by adding another BTC worth $15.5 million.
For now, all odds seem to support declines in Bitcoin. Bears dominate the space while publishing this post. The cumulative market cap reflects the downturn trends. This metric hovered near $1.46 trillion, dropping 5.34% over the previous day.
Bitcoin’s road with the least resistance is to the downside. Some experts trust the crypto will dip under $30,000 to collect sell-stops before rethinking directional moves.
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