• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Bitcoin Price Takes Deepest Dive Since 2020, Will BTC Bounce?

Naveed Iqbal by Naveed Iqbal
3 months ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Suffering the effect of the current bloodbath in the crypto market, Bitcoin’s (BTC) price on May 12 hit its lowest valuation of $26,350 since December 2020. The ongoing bearish trend has remarkable similarity with the previous mid-season bearish trend that lasted from May to June 2021.

In both market crashes, Bitcoin’s price broke the resistance level of $30,000. Recently, it had dropped more than it reversed back in June 2021 when the BTC’s valuation stopped losing at $29,800. In contrast, its price in the current market clash has touched the $26,3000 level.

Related Reading | Dogecoin Has Dropped 90% Since “The Dogefather” Debuted On SNL

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Several macroeconomic factors impacted the crypto market in both instances. For example, before 2021’s bearish trend, Chinese banks prevented using crypto by disallowing crypto services for the state’s financial sector. Then Elon Musk added fuel to the fire by reversing his decision to include Bitcoin for Tesla payments. Similarly, the distortion of COVID-19 caused some major countries to step back from the blockchain industry; thereby, the BTC price plummeted dramatically.

Likewise, in the most recent downtrend, geopolitical conditions and macroeconomic facts have decided the fate of Bitcoin. First, the Russia-Ukraine conflict immensely affected the crypto price, with regulators imposing strict rules day by day at a time when Bitcoin is starting to grow worldwide. Then legal ambiguity and Fed regulation of digital assets further plunged back Bitcoin price.

BTCUSD
Bitcoin price struggles to hold $30,000 again. | Source: BTC/USD price chart from TradingView.com

Bitcoin Holders Rushed To Exit Their Assets

Crypto investors have been withdrawing their holdings after the recent slump, and many still hold on to losses and expect crypto prices will rock on again in the future. According to stats, 16,967,726 wallet addresses currently took losses and broke previous records. Crypto history has seen a similar peak on 19 Mach 2020.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The unusual behavior of the crypto market compelled investors to liquidate their assets, neglecting the losses they had taken. That’s why the figure for the following metric has decreased. Now, the number of crypto traders holdings 1K+ coins in their wallets has reached a low of 2,234, and most importantly, this figure was recorded on May 11.

Again, May 11 set a new record of transactions in the Bitcoin network as crypto holders rushed to exit their investments. It has reached a 4-year new high of traded volume with 175,146.8 BTC. The recent volume of committed transactions has eclipsed previous highs.

Related Reading | TA: Bitcoin Gains Momentum, Why Break Above $30K Is Crucial

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

Considering the present situation of the crypto market, the host of The Wolf of All Streets Podcast, Scott Melker, commented that “the entire market is reeling.”

He added:

I think that markets are in a full irrational panic. The pendulum has swung to extreme fear, as it always does. This causes people to sell assets at or near the bottom.

Featured image from Pixabay and chart from TradingView.com

 

Tags: bitcoinBitcoin Holdersblockchaincryptocurrencyglassnode
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Naveed Iqbal

Naveed Iqbal

Naveed is a graduate in BA and has been following the crypto world since 2017. Having a passion and keen eye for detail, Naveed enjoys finding breaking stories via official press releases, Twitter, and blog posts. Outside of cryptoverse, Naveed enjoys cricket, rock climbing, and spending quality time with his siblings.

Related Posts

Bitcoin Bear

Bitcoin aSOPR Fails Retest Of Historical Bull-Bear Junction

20 hours ago
Is Bitcoin Price Hiking Due To An External Reason, What Does The Data Suggest

Is The Bitcoin Surge Due To An External Reason? What The Data Suggests

1 day ago
Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

Glassnode Report Shows Bitcoin And Ethereum Derivatives Gain Massive Traction

1 day ago
bitcoin bear

Bearish Signal: Why Bitcoin Miner Sell-Offs May Continue

2 days ago
bitcoin

Bitcoin Surge Towards $24k As CPI Report Show Inflation Cooling

2 days ago
Mike Novogratz Bitcoin

Billionaire Mike Novogratz Says Bitcoin At $30,000 Is Unlikely

3 days ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

WEB5 Inu ($WEB5) launches the next-generation Decentralized Finance (DeFi) cryptocurrency

August 12, 2022

GNOX (GNOX) Presale Sell-out Causing Dogecoin (DOGE) And Fantom (FTM) Holders To Flock In For Launch

August 12, 2022

Biggest Profits Likely From Uniglo (GLO), Near Protocol (NEAR) And Fantom (FTM)

August 12, 2022

Nexus Dubai (NXD) Project Obtains First Cryptocurrency Exchange License in Dubai

August 12, 2022

AscendEX Lists Lovely Inu (LOVELY), a DeFi Meme Platform

August 12, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.