One could argue that as the leading crypto Bitcoin (BTC) tries new support levels daily, the bear firmly refuses to wake up and wants to hibernate.
“Bear trend confirmed for Bitcoin”
Bitcoin (BTC) had an extremely rough month, falling from $46,598 on April 4 to $36,432, as we reported on Kriptokoin.com. In addition, crypto expert Nidhi Kolhapur states that Awesome Oscillator (AO) confirms the bearish trend that started in April.
BTC experienced a serious drop of around 7.90% on May 5. The token started 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 drop. Additionally, according to Santiment statistics, the number of active addresses rose from 868K on May 4 to an estimated 1.17 million on May 5.
Exchange Netflow volume increased from -2,350 on May 4 to 1,492 on May 5. According to the expert, this shows that BTC holders may want to reduce their losses if the price of the coin drops to new support levels. At press time, the Bitcoin Fear and Greed Index was showing a feeling of ‘Extreme fear’ with a score of 22.
The expert states that the exit of BTC Exchange Traded Products has been further impacted by BTC’s bear market (ETPs). According to the latest figures provided by Arcane Research, there were a total of 14,327 BTC outflows in April, making it the largest monthly outflow in the history of BTC ETPs. About 7,100 BTC and 3,312 BTC net withdrawals were recorded in Canada and the United States, respectively. Europe, on the other hand, saw 3,974 BTC output as of April 2022.
Future outlook bullish?
Despite the ongoing bear market, Bitcoin HODLers and investors seem to be bullish on the price trend. Crypto expert Lark Davis has released a series of tweets stating that he is optimistic about the token.
Also, another analyst, Willy Woo, claims that BTC has always outperformed all other tokens. Micheal Saylor, a Microstrategy manager, continues to be enthusiastic about BTC.
Considering the price action over the past few weeks, the bears are likely to cross the $40,000 line. We can say that he is very happy to stay under. While BTC is still in the red zone at press time, it seems the bears have misunderstood a marathon run and are not planning to slow down anytime soon.