Bitcoin retests key $30K support zone as data highlights BTC whale accumulation

The bitcoin markets have been in a state of volatility over the last week, with prices testing key support zones. Data from Whale Alert indicates that BTC whale accumulation is driving this uncertainty as they continue to accumulate throughout bearish periods.

The “bitcoin whale accumulation chart” is a chart that shows how much bitcoin was accumulated by the whales. The data highlights that BTC retested key support at $30,000.

On May 9, sentiment in the cryptocurrency market plummeted even further as the continuing sell-off escalated, with bears driving Bitcoin (BTC) below $30,334, its lowest price since July 2021.

Crypto Fear & Greed Index. Source: Alternative.me

Rising interest rates, the end of the Federal Reserve’s loose money policies, falling stock prices, and fears over Terra’s UST stablecoin retaining its $1 peg are all influencing mood in the crypto market.

According to data from Cointelegraph Markets Pro and TradingView, intense selling on May 9 pushed the price of bitcoin to a daily low of $30,334 as bulls scrambled to protect the psychologically significant $30,000 price level.

1-day chart of BTC/USDT. TradingView (source)

Here’s what some experts are saying about Bitcoin’s future prospects, as well as some insight into how BTC whales are responding to the current market activity.

Has the bear market begun?

Prior to Monday’s move, analyst and pseudonymous Twitter user ‘Nunya Bizniz’ highlighted the prospect of a big sell-off, posting the following graphic illustrating a probable capitulation zone for Bitcoin.

1 week BTC/USD chart. Twitter (source)

Nunya Bizniz said,

“There are four excellent touches on this eight-year parallel channel.” Will there be another surrender spike down inside the yellow circle, between red and blue, matching the previous high?

According to the chart, if this scenario carried out, the price of BTC might go as low as $19,891.

What happens next for BTC is expected to have ramifications throughout the cryptocurrency market, since the current losing run is approaching record-breaking territory, as highlighted by anonymous Twitter user ‘Bitcoin Archive.’

For just the second time in history, #Bitcoin fell for six weeks in a row.

It has never experienced seven consecutive red weeks. pic.twitter.com/NNXuQUHQC9

May 9, 2022 — Bitcoin Archive (@BTC Archive)

The price of bitcoin is now trading below its two-year moving average.

Crypto expert Philip Swift, who provided the chart below looking at the BTC price relative to its 2-year moving average, had a more upbeat perspective on the recent downturn (MA).

2-year MA multiplier for bitcoin Twitter (source)

According to the analysis,

“It’s that time of year again!” The price has fallen below the 2-year moving average. Accumulate.”

Bitcoin price drops to $31,000 as traders brace for a “rocky” path and further decline.

Whales have been feeding on their wallets.

Bitcoin whales have been accumulating throughout prior downturns and sideways price activity, according to Twitter crypto analyst Akash.

Bitcoin pricing against. wallets with 10,000 to 100,000 bitcoins Twitter (source)

According to Akash,

“Since April 30, wallets holding 10,000 to 100,000 BTC have been on a purchasing frenzy.”

While this data is positive on certain levels, traders should keep in mind that there are no assurances against another trend shift or more decline, so traders should proceed with caution and take extra precautions to control their risk.

The total cryptocurrency market capitalization is currently $1.411 trillion, with Bitcoin commanding 41.5 percent of the market.

The author’s thoughts and opinions are completely his or her own and do not necessarily represent those of Cointelegraph.com. Every investing and trading choice has risk, so do your homework before making a decision.

The “what are the crypto whales doing” is a question that has been asked by many people in the cryptocurrency world. The answer to this question is that they are accumulating more and more Bitcoin, which could lead to a price increase of the currency.