Bitcoin Under Bear Control, Will BTC Price Fall Below $30K In Coming Week?

The world’s largest cryptocurrency by market cap, Bitcoin, has been under tremendous pressure for the past few weeks. The Bitcoin price even saw declining below the $40,000 level forcing the coin to lower landing at a bearish trend. This indicates that Bitcoin sellers are clearly in control of the bearish pull.

Crypto Analyst Don’t See Bitcoin Tumbling To Realized Levels

PlanB, a popular crypto analyst, predicts that Bitcoin will not drop down to realized levels, though Bitcoin is currently under bear control.

These positive comments come amidst the flagship currency making a steep fall from 2022 highs during the start of April. At the time of reporting, Bitcoin is trading at $40,209 with a drop of 2.01% over the last 24hrs and over 40% fall from a record high of $69,000 in November.

However, Bitcoin’s realized price is marked around the $24,000 level. This realized price is an indicator that is very much important to know the worst-case scenario support level.

PlanB stated that the last time such an event occurred was in 2018 during the infamous Bitcoin Satoshi Vision (BSV) fork. 

Bitcoin Whales Pulled Off Bitcoin Off The Exchanges

Bitcoin is right now under a bear cycle, Bitcoin’s Whale transactions have seen an immense surge. According to Whale Alert data, over $1.62 billion worth of 40.47K Bitcoins has been moved from the Coinbase exchange platform to various other sources over the last 24hrs. Among these 40.47K, around 32,800 Bitcoins were transferred to some unknown wallet addresses.

Additionally, 5.6k Bitcoins (Approx $200 million) and 2K Bitcoins (approx $80 million) have been transferred from Coinbase to Gemini and Bitfinex exchanges respectively. Moving further Gemini and Xapi have moved 5,001 and 940 Bitcoins respectively.

On the other hand, Glassnode data shows that in the last 24hrs around $1.9 billion worth of Bitcoins have left the crypto market and at the same time $972 million worth of Bitcoin have been purchased.