Bitcoin (BTC) has experienced a headwind driving its price to the lowest $ 28,000You can enjoy a major bull ride with a record high of $ 64.8 thousand in mid-April.

BTC was slightly around $ 33,438 during intraday trading CoinMarketCap.

BTC suffered a sharp correction on May 19, when the price dropped to about $ 30,000, leading to the largest one-day price drop, up to 30 percent. In addition, this price drop became the first time BTC had fallen below the 200-day moving average.

The 200-day marketing authorization is a key technical indicator used to determine general market developments. It is a line that shows the average closing price over the last 200 days or about 40 weeks of trading.

Market analyst Lark Davis believes the bears remain responsible as Bitcoin continues to trade below daily moving averages such as 50 MA, 200 EMA and 200 MA. He explained:

“Bitcoin continues to trade below daily moving averages. Bears are still the driver of this market. That doesn’t mean I’m a bear, just the facts about the market right now. “

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Cryptanalyst Joseph Young repeated these feelings. He taken into account:

“Bitcoin’s contribution is negative on all major exchanges. Means (that) many futures markets are short-circuited (sell). Be careful today, volatility may rise. “

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Bitcoin whales account for 48.37% of the circulating supply

By for meter provider Santiment:

“Bitcoin’s whale addresses, with a BTC value between 100 and 10 k, finally show a turning point when reassembling. In the last two weeks, these large addresses have spilled 60,000 BTCs. They have 48.37% of the supply, while their 49.09% are close to an all-time high. “

Santiment admitted that Bitcoin whales repurchased after selling 60,000 BTC in the last two weeks.

On the other hand, chain analyst William Clemente III trust that private investors (entities with a BTC of 0.001 to 1BTC) are not to blame for the fall in Bitcoin ‘s price because they have aggressively increased their holdings.

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However, it remains to be seen whether the bears will continue in the driver’s seat in the Bitcoin market.

Image source: Shutterstock

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