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Market Watch May 9: Bitcoin spins out of control, falls fourth consecutive day.

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Bitcoin price has hit a new low since July 2021, falling for the fourth consecutive day. A broader stock sell-off in the United States last week sent the cryptocurrency market into a frenzy. This prompted the world’s most popular crypto to plummet by around 10%.

At the time of writing this article, BTC was trading at $33,784 after losing 2.47% in the last 24-hours. Its value has been down by 12.64% in the last seven days, as per data from CoinMarketCap. Bitcoin liquidations have been limited as market sentiment had expected a deeper pullback after a tumultuous week on stock markets. According to Coinglass, an on-chain monitoring resource, there were 24-hour liquidations for the top two cryptos – Bitcoin and Ether – running at around $80 million.

Credible Crypto, a popular Twitter crypto commentator, saw a flush taking Bitcoin to the low of $29,000 – marking a new 2022 low. However, bids near $30,000 may prove too enticing to leave unfulfilled. Credible Crypto tweeted that lows at $34,400 are almost taken, with eyes now on the $29,000 – $32,000 range. The analyst is focusing on if BTC can make a higher low above $34,400 and break $40,000 for a rally to the $44,000 – $45,000 range. If the higher low at $34,400 is lost, the lower bids would be filled. For now, the market expects a rally to the $40,000 mark.

Ether is also at the lows of $2,472. The second most popular crypto has lost 3.23% in the last 24-hours. The altcoins have been splashed in red due to Bitcoin’s deep dive. Terra LUNA, Avalanche, Polkadot, and Cardano are down by nearly 4%, Solana lost 2.72%, and XRP is down by 1.36%.

 

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