Bitcoin Price News – Live: Crypto Crash Sees Market Entering ‘Extreme Scare’

<p>Bitcoin saw its price fall by more than half between November 2021 and May 2022</p>
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Bitcoin saw its price fall by more than half between November 2021 and May 2022

(Getty Images/iStockphoto)

Four consecutive days of falling prices have seen bitcoin fall to its lowest price since July 2021.

The price drop coincided with a slowdown in broader financial markets, which spilled over to other top cryptocurrencies like Ethereum (ETH) and Solana (SOL).

The overall crypto market is now worth just over $1.5 trillion, down about half from its all-time high of last November.

Analysts seem split on whether the latest slump is part of a longer-term trend or just a temporary dip in what has been an exceptionally bumpy year for bitcoin.

Falling below $33,000 on Monday leaves bitcoin just 10% off the critical $30,000 support level, which experts say could prove a key testing ground for BTC and its future price trajectory.

You can follow all the latest news, analysis, and expert price predictions for bitcoin and the rest of the crypto market here.


Bitcoin’s Yearly Lows Offer Perspective

There seem to be some recurring themes of falling bitcoin prices – which don’t happen infrequently – as people try to placate fellow investors.

A popular chart shared encourages people not to look at historical highs, but rather yearly lows. This shows the progress bitcoin has made over the past decade, with annual low prices rising from $4 in 2012 to $25,000 in 2021.

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Anthony CuthbertsonMay 9, 2022 3:07 p.m.


Bitcoin Price Drop Doesn’t Deter Long-Term Holders

Despite the recent bitcoin price drop, some crypto market analysts remain positive about the overall outlook for the cryptocurrency.

One metric investors can take inspiration from is that long-term bitcoin holders don’t seem to be selling off their stash of crypto. Marcus Sotiriou, an analyst at UK-based digital asset broker GlobalBlock, says this on-chain metric means bitcoin remains “incredibly bullish” and suggests a rebound at the key support level around $30,000.

Here are his full comments:

Technically, bitcoin’s structure is bearish as lower lows and highs persist, but bitcoin is now approaching the bottom of the 16-month range. The region near the bottom of the range, $28-32,000, could be a good region to add to long-term holdings from a risk-reward perspective.

The on-chain metrics remain incredibly bullish, as the percentage of bitcoin that hasn’t budged in a year is now at an all-time high. Whenever a macro bottom has formed in the market before when this has happened, it has marked a bottom in the crypto market. This shows that the proportion of bitcoin holders who are long-term HODLers is increasing, which is positive because it shows that short-term holders are selling to those with long-term conviction.

Marcus Sotiriou, Global Block

Anthony CuthbertsonMay 9, 2022 2:51 p.m.


Bitcoin Market Goes Into “Extreme Scare”

The latest Crypto Fear & Greed Index shows the bitcoin market is only at 11 – deep in “extreme fear” territory.

The index compiles data from crypto exchanges with daily online trends to analyze general market sentiment.

It is currently at an all-year low, which some analysts are using as a metric to suggest bitcoin is currently oversold.

Anthony CuthbertsonMay 9, 2022 2:27 p.m.


Bitcoin Price Crash Caused by ‘Broader Adversity’

Crypto market analysts have offered us their insights into what’s behind bitcoin’s latest price crash.

“The market is caught up in the broader adversity of investment markets battling to decide where comfortable levels are following interest rate hikes designed to stem soaring inflation in the Western world. ”, says Simon Peters, of the online trading platform eToro. “The current concern for crypto-asset investors is when the slide will end.”

You can read the full story here.

Anthony CuthbertsonMay 9, 2022 1:22 p.m.


Hello and welcome…

for The Independentlive coverage of the crypto market.

Several days of falling prices saw bitcoin fall to a 2022 low on Monday, leaving traders and investors wondering when the selloff will end.

Here we’ll have all the latest news, analysis, and expert price predictions for bitcoin and the rest of the cryptocurrency market.

Anthony CuthbertsonMay 9, 2022 1:00 p.m.

We would love to give thanks to the author of this write-up for this remarkable content

Bitcoin Price News – Live: Crypto Crash Sees Market Entering ‘Extreme Scare’

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