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Bitcoin Price Analysis — May 8
Bitcoin cannot seem to catch a break from the rain of bearish blows as the benchmark cryptocurrency slumped to the $34,300 low.
The bearish momentum comes as investors flee risky assets, like Bitcoin, for their safe-haven counterparts. This investor migration can be seen in the increased offloading of holding by BTC whales, according to a CryptoQuant report.
That said, a bearish push to the sub-$34,000 region in the coming days is increasingly likely, as bulls lose all foothold. This decline would align with my descending trendline on the 4-hour chart.
Meanwhile, my resistance levels are at $36,000, $37,000, and $38,000, and my key support levels are at $34,000, $33,000, and $32,000.
Total Market Capitalization: $1.58 trillion
Bitcoin Market Capitalization: $654.8 billion
Bitcoin Dominance: 41.5%
Market Rank: #1
The bearish momentum comes as investors flee risky assets, like Bitcoin, for their safe-haven counterparts. This investor migration can be seen in the increased offloading of holding by BTC whales, according to a CryptoQuant report.
That said, a bearish push to the sub-$34,000 region in the coming days is increasingly likely, as bulls lose all foothold. This decline would align with my descending trendline on the 4-hour chart.
Meanwhile, my resistance levels are at $36,000, $37,000, and $38,000, and my key support levels are at $34,000, $33,000, and $32,000.
Total Market Capitalization: $1.58 trillion
Bitcoin Market Capitalization: $654.8 billion
Bitcoin Dominance: 41.5%
Market Rank: #1
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