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

Many Bitcoin whales are currently preparing to get out of the market as massive amounts of Bitcoin flood back into exchanges.

@JakConnorTT
Published Mon, May 9 2022 2:31 AM CDT   |   Updated Sat, May 28 2022 10:08 AM CDT

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.

Bitcoin continues its downtrend, market hit by 'extreme fear' 02 | TweakTown.com
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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.

Bitcoin continues its downtrend, market hit by 'extreme fear' 01 | TweakTown.com

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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* Prices last scanned on 7/1/2022 at 12:03 am CDT - prices may not be accurate, click links above for the latest price. We may earn an affiliate commission.
NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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