Bitcoin continues its downtrend, market hit by 'extreme fear'

The world's most popular cryptocurrency is continuing its downtrend in price and has now reached lows that haven't been seen since January 2022.

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In late March, Bitcoin recovered in price, hitting just over the $48,000 mark, and maintained the $45,000 to $47,000 range for the first few days of April before it fell off a cliff on April 6 and began a downtrend that brought the price to below $40,000 by April 11. For the majority of April, Bitcoin maintained a side-ways but overall trickling downward trend that has eventuated into a massive sell-off on May 8 that caused the price to plummet to $33,000.

Glassnode, a blockchain data and intelligence provider generating innovative on-chain metrics, published some bearish indicators that may have influenced the now-falling price of Bitcoin. A recent Twitter post on Glassnode Alerts suggests that any Bitcoin whales holding at least 1,000 coins may be leaving the market in preparation for a further decrease in Bitcoin's price.

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Notably, the recent sell-off may be from short-term holders who purchased BTC when it reached a 6-month low in January, as pointed out by Cointelegraph.

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