Bitcoin Price Drops Below $33,500

 

On Monday, May 9, bitcoin quotes updated the minimum since the end of January 2022. At the time of writing, the price is holding the level near $33,450 (Binance).

Hourly BTC/USD chart on Binance exchange. Data: Trading View.

According to CoinGecko, over the past day, BTC has fallen in price by 3.1%, and by 12.9% over the week. Following the flagship, all crypto assets from the top 10 by capitalization were in the red zone, with the exception of stablecoins USDT and USD Coin.

Ethereum is trading at $2,425, having lost 4.1% in a day. BTC dominance index – 39.4%, ETH – 18.2%.

Data: CoinGecko.

According to Coinglass, the daily volume of liquidations in the futures market exceeded $270 million.

Unfavorable market prospects have led to a drop in the index of fear and greed to 11 points (“extreme fear”).

On May 8, Glassnode’s lead analyst, Checkmate, noted that “many are waiting for the fuse of bitcoin capitulation.” The latter is usually characterized by a relatively long, sudden and catastrophic price drop, similar to the March 2020 crash.

“If this happens, and this is really a capitulation, most people will not buy [Bitcoin] because the fear is too great. It has always been and always will be, ”Checkmate emphasized.

Analyst Caleb Franzen noted the downward trend and did not rule out that “more pain is to be expected.”

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