The markets went bearish, and so did Bitcoin. The strong correlation between crypto and the stocks doesn’t show mercy and BTC price falls under $37K on May 5th.
shows that the midday dump in the price of BTC coincided with a sell-off in the tech sector, which escalated into the close of the traditional markets.Here’s a look at what market analysts are saying about May 5's market rout and what levels Bitcoin price could drop to in the near term.According to independent market analyst Michaël van de Poppe, the zone that“Then I'm assuming we'll test $39,000 again as there's a big gap in between.
Data on how Bitcoin whales have been behaving during the recent market volatility was discussed by Whalemap, an on-chain data firm, which that the “previous whale inflows at $46,551 were serving as an accurate resistance and a temporary mid-term top for Bitcoin’s range.”“Now a similar resistance has appeared at $44,355 due to a similar sized whale wallet. This should be our mid-term resistance if BTC gets there.”
The overall cryptocurrency market cap now stands at $1.66 trillion and Bitcoin’s dominance rate is 41.5%. The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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