Bitcoin’s (BTC) price has failed to hold above the crucial $30,000 level, and slid to $29,500 in the last two days. The resultant pressure due to the crypto market crash last week is holding Bitcoin in a bear hug.
Unfortunately, market analysts and on-chain data indicate that the BTC price could possibly dive to the $27,000 level as Bitcoin is currently forming a bottom. As per analysts, bearish rejections at higher levels continue to push the Bitcoin (BTC) price downwards.
Bitcoin (BTC) Price In a Bear Hug
Bitcoin is now in a bear market and will rise after a bottom is formed, as explained in a previous article. PlanB, the creator of the Stock-to-Flow (S2F) model, had disclosed in a tweet that the Bitcoin price is forming a bottom for the upcoming bull market.
Moreover, PlanB announced in a tweet on May 18 that the 2-Year Moving Average is approaching the 2-Year Realized BTC price. It indicates the Bitcoin (BTC) price still has to dive a little more before a rally can be seen.
The chart shows the BTC/USD price tends to increase as the 2Y moving average and 2Y realized price lines move closer to each other. After a blue circle is confirmed on the chart, the price is expected to rise from the level.
Interestingly, the Bitcoin (BTC) is currently trading at a low volume as sentiment remains weak. Also, the Bitcoin mempool is empty again, and the unspent transaction output (UXTO) size diminishes, as per PlanB.
According to on-chain data by Santiment, Bitcoin capitulation during the last week saw many idle wallet addresses becoming active again. The Bitcoin Age Consumed metric shows a large number of wallet addresses moving BTC at the $26k-$29k price levels. It indicates the liquidation of assets and investors’ exiting positions.
In fact, WhaleStats had also reported last week of many whale addresses becoming active again after a long period.
Bitcoin (BTC) Price Trades Range Bound Near $30,000
The BTC price remains under pressure as it continues to trade near $30,000. The weak sentiment across the crypto market indicates less interest among investors. At the time of writing, the BTC price is trading at $29,793, down nearly 2.57% in the last 24 hours.
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