Bitcoin

Will Bitcoin Bears Continue To Rule in MAY Month? What’s Next For BTC Price?

Written by: Nidhi Kolhapur

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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May 7, 2022

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With the king coin trying fresh support levels on a daily basis, it can be claimed that the bear has flatly refused to wake up and wishes to remain in hibernation.

Bitcoin (BTC) has had an exceptionally difficult month, falling from $46,598 on April 4 to $36,432. In addition, the Awesome Oscillator (AO) confirms the bearish trend that began in April.

BTC had a severe drop of about -7.90 percent on May 5. The token began the day at $39,669, dropped to $36,129, and eventually closed at $36,441. According to a tweet from Wu Blockchain, BTC saw $120 million in liquidity within an hour of the price dip.

Additionally, according to Santiment statistics, the number of active addresses increased from 868K on 4 May to an estimated 1.17 million on 5 May.

The exchange Netflow volume increased from -2,350 on 4 May to 1,492 on 5 May, indicating that BTC holders may be looking to cut their losses if the coin’s price drops to new support levels. At press time, the Bitcoin Fear & Greed Index showed a feeling of ‘Extreme fear,’ with a score of 22.

The outflow of BTC Exchange Traded Products was further impacted by the BTC token’s bear market (ETPs). According to the most recent numbers given by Arcane Research, a total of 14,327 BTC outflow occurred in April, making it the greatest monthly outflow in the history of BTC ETPs. 

Net withdrawals of around 7,100 BTC and 3,312 BTC were recorded in Canada and the United States, respectively. Europe, on the other hand, saw 3,974 BTC outflows as of April 2022. 

Also Read : This is Reason Why Crypto Market Crashed Today ? What’s Next After The BloodShed ?

Is the Future Outlook Bullish?

Despite the ongoing bear market, Bitcoin HODLers and investors appeared to have a bullish attitude on the price trend. Crypto expert Lark Davis issued a series of tweets indicating that he remains optimistic about the token.

Furthermore, Willy Woo, another analyst, came to Twitter to defend BTC, claiming that it has always outperformed all other tokens. Micheal Saylor, a Microstrategy executive, remained enthusiastic about BTC as well. 

Given the bear’s price moves over the last few weeks, it’s safe to say that he’s very happy sticking below the $40,000 line. With the token still in the red zone at press time, it appears that the bear mistook a sprint for a marathon and isn’t planning on slowing down anytime soon.

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Nidhi Kolhapur

Nidhi is a Certified Digital Marketing Executive and Passionate crypto Journalist covering the world of alternative currencies. She shares the latest and trending news on Cryptocurrency and Blockchain.

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