Bitcoin (BTC) Prices Fumble Below $30K as Bears Continue to Dominate

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Bitcoin (BTC) Prices Fumble Below $30K as Bears Continue to Dominate
Credit: © Reuters.

  • Bitcoin’s collapse in the past week reactivated many previously dormant wallet addresses.
  • BTC has been down 1.59% in the last 24 hours.

The price of Bitcoin (BTC) has fallen below $29,500 in the previous two days after failing to hold above the critical $30,000 mark. Bitcoin was being held in a bear grip due to the crypto market catastrophe last week. Bitcoin’s price is presently forming a bottom, and experts and on-chain statistics suggest that it might go as low as $27,000. The Bitcoin (BTC) price has continued to fall, according to experts, because of bearish rejections at higher levels.

BTC/USDT: Source: TradingView

Analyst PlanB Bearish on BTC

A recent post said that Bitcoin is now in a bear market and would rally once a bottom is found. Bitcoin’s price has formed a bottom, according to PlanB, the inventor of the Stock-to-Flow (S2F) model.

Additionally, PlanB tweeted on May 18 that the 2-Year Moving Average is nearing the 2-Year Realized BTC price. As a result, the Bitcoin (BTC) price is likely to continue its downward trend until a rebound is possible. Since the mood is still negative, there is a low trading volume for Bitcoin (BTC). According to Plan B, the Bitcoin mempool is now completely depleted, resulting in a decrease in the amount of the UXTO (unspent transaction output).

According to Santiment’s on-chain statistics, Bitcoin’s collapse in the past week reactivated a large number of previously dormant wallet addresses. Bitcoin Age Consumed reveals many wallet addresses transferring BTC at the $26,000 to $29,000 price range. It’s a sign that assets are being sold off, and investors are getting out of their investments.

As recently as the previous week, WhaleStats revealed that many previously inactive whale addresses had reactivated. According to CMC (NS: CMC ), the Bitcoin price today is $29,100.59 USD with a 24-hour trading volume of $30,120,276,254 USD. Bitcoin has been down 1.59% in the last 24 hours.

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