The price of Bitcoin has set a new anti-record, having formed eight bearish candles in a row. The only calming thing is that the last weekly low was higher than the previous one. And this week, Bitcoin is starting with growth. The BTC/USD pair is trading above $30,000. However, even though two weeks have passed since the price crash on May 5, the market has not shown a serious recovery. For deacde, the BTC/USD pair has been trading along the 30,000 mark, falling, then rising above it.
The decline in the price of Bitcoin and its inability to recover quickly led to a decrease in market capitalization. The market panic and a sense of fear that Bitcoin will not be able to return to its high soon, prevail.
Even the whales started selling their coins after the price of Bitcoin fell below $30,000. According to Glassnode, the number of whales is at a 21-month low and stands at 1,745 addresses.
Source:Glassnode
In addition, supply reached a three-month high of 699,937 coins.
Source:Glassnode
The “index of fear and greed” reached its lowest point for the second time. The lowest figure remains in August 2019. Analysts predict that the fear will be able to subside a bit only when the price of Bitcoin consolidates above the $30,800 support level. The move could bring back investors’ hope for a possible recovery in Bitcoin’s price.
However, it is worth noting that, despite the bearish market, Glassnode is seeing an increase in addresses holding one or more coins. Their number reached 844,956. Does this mean that small investors have decided to return to the market and are ready to raise it?
Source:Glassnode
