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Investing.com – Bears appear to have taken control, amid warnings that Bitcoin could fall below 30,000 levels over the next few hours.
The now price target of $29,000 comes as major crypto-market traders are warning Bitcoin-linked TeraUSD of $285 million worth of dumps.
The market fell during trading today, Sunday, according to the data of the Crypto Fear & Greed Index, to its lowest level since January 25.
The data of the Crypto Fear & Greed Index revealed the index’s descent to the levels of 18 points, which expresses the control of feelings of intense fear of further collapse.
The market capitalization of cryptocurrencies fell to its lowest level since the January 24 session, down to the levels of $1.58 trillion.
The crypto market losses have increased in the past few hours to more than 120 trillion dollars, while digital currencies have abandoned more than 220 billion dollars since trading on May 6.
Market experts see the gloom for Bitcoin markets continuing as Terra’s Do Kwon ignores a deliberate and coordinated attack on TerraUSD and LUNA.
Experts say Bitcoin prepared for a bear market turn back on May 8 after an overnight selloff brought the market close to its January lows.
Data from TradingView showed BTC/USD dropping to $34,200 on Bitstamp, despite the earlier limited recovery around $500.
The pair saw short support around the $36000 mark, but this paved the way for further downside as weak liquidity at the end of the week added to volatility.
According to data from on-chain monitoring resource Coinglass, 24-hour liquidations for Bitcoin and Ethereum increased, which amounted to about $80 million.
Popular Twitter commentator Credible Crypto sees an “influx” of BTC/USD reaching $29,000, marking a new low in 2022.
The famous analyst finds bids close to $30,000, including those of a whale trader on Bitfinex, too tempting to leave them open.
The downside momentum on May 8 was fueled by the news of the trouble in the Blockchain Terra protocol, as the company that pledged to buy unlimited amounts of BTC to prop up its TerraUSD (UST) stablecoin saw a real test.
Blockchain’s first major test came as a market participant UST sold nearly $300 million worth of it.
“Today’s attack on Terra-Luna-UST was deliberate and coordinated,” said Caetano Manferini, legal officer of the Brazilian crypto business forum GEMMA, commenting on the events.
“$285 million from UST was offloaded onto Curve and Binance by a single player, followed by massive trading on Luna,” added Manferini.
In other comments, Michael van de Poppe said that the event was not feeding or affecting the markets significantly but that he rated it as a bad thing.
“Let’s see how the price reacts here on Bitcoin as we’re swept all of those lows right now, and we’re extending a bit to the downside,” Van de Poppe told Twitter followers.
On the weekly time frames, BTC/USD was on the verge of completing its sixth consecutive weekly red candle – something that happened only once before in its history in 2014.
Bitcoin is now trading near the levels of $ 24.5 thousand, down by 4%, while declining 9% within a week, with a market value of $ 660 billion, and declining 20% within a month.
Ethereum declines in the range of 5% near the levels of 2.5 thousand dollars and declines in the range of 7% within a week and by 22% within thirty days, while its market value is 310 billion dollars.
Binance Coin is down 5% during these moments while it is down 7% in a week, it is down 4% and 3% in a week, while it is down 3.5% and 11% in a week.
In contrast, it is declining 5% now and by 4% within a week, and in contrast, Terra Luna is declining by 14% and by 21% during trading in a week near levels of 63 dollars.
Avalanche, polka dot and shiba inu are down 5%, while depreciating 2%.