Bitcoin

Santiment Expects Capitulation For Bitcoin, As BTC Price Drops Below $33k

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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May 9, 2022

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Yet again the whole cryptocurrency market is concealed in red as the world’s first cryptocurrency by market cap, Bitcoin Price has failed to hold on to the price above the critical support level of $35,000 level.

This drastic fall dragged the flagship currency towards the $33,000 level as Bitcoin at the moment is changing hands at $33,503 with a plunge of 3.29% over the last 24hrs.

Also when the last three days’ data is considered the global crypto market has lost around $250 billion in investors’ wealth.

Also Read: Amid the Crypto Crash, These Altcoins May Be the Best ‘Buy the Dip’ Bets for the Upcoming Week!

Analysts’ Take On Bitcoin Crash

According to a Twitter handle, Blockchain Backer explains that as Bitcoin falls below the 100-week moving average, this move will see more sell-offs in the coming days.

On the other hand, Santiment, and on-chain data provider is of the opinion that the crypto market crash has affected the trader’s sentiment that is leaning towards a negative level once again.

The data claims that as the king currency has now retraced back towards $33.9k, the trader’s sentiment has fallen to six month low.

Hence, in this scenario, the Santiment foresees a capitulation sign because if weak hands move away, then a bounce could be seen.

When looking at Bitcoin’s year-to-date data, the currency has crashed by 30%. Also, the Bitcoin fear and greed index has hit an extreme fear level as the firstborn currency has witnessed around a $6,000 loss in just a few weeks.

Also Read : Bitcoin 3-Day Death Cross! BTC Price To Plunge More In Coming Days

Altcoins Follow Bitcoin

Ethereum, the second-largest currency that closely follows Bitcoin, has seen a downfall below $2,500. However, at the press time, Ethereum has slightly increased trading at $2,459 with a decrease of 4.08% in the last 24hrs.

As the altcoin lead, Ethereum saw a fall, and so did the other altcoins like XRP, Solana, Terra (LUNA), and Dogecoin among others.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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