Bitcoin Price Has Targeted The Zone Of $29K

Bitcoin
Bitcoin

Bitcoin has been preparing itself for a rare bear feature which could be returning on the 8th of May after a sell-off that will take place overnight.

According to data received from TradingView and Cointelegraph Markets Pro, it has been understood that the dipping of the exchange below $34,200 on Bitstamp, has seen the cryptocurrency recover to trade of around $500 higher. The pair had also come across brief support around the mark of $36,000, but this gave way as thin weekend liquidity went on to add to the inherent volatility. 

Bitcoin Price Could Aim For Its Lowest Ever Position

The liquidations of Bitcoin were nonetheless quite limited, however, as most of the market sentiments had already expected a deeper pullback after an eventful week in the stock markets.

According to data received from Coinglass, the on-chain monitoring resource, the 24-hour liquidations for both Ethereum and BTC were running at around $80 million. Credible Crypto, a popular Twitter commentator, also updated his price outlook for the short term where he also envisaged a flush that was taking the exchange to as low a price as $29,000- which makes it a major low for 2022. The bids near the price of $30,000 could prove a little too enticing- especially for a whale trader on the Bitfinex exchange. 

The momentum was at a downside on the 8th of May, which did accompany major news of trouble at Blockchain protocol Terra. The firm, which had already pledged to purchase unlimited amounts of Bitcoin to back the USDT went on to see its first major test of UST selling close to $300 million. Although the distraction was at an all-time minimal, the UST also saw the dollar peg coming down to 0.8%.

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