Analysis: Bitcoin plunges $5,000 in just a few days; three signals suggest selling pressure may intensify further.

PANews reported on May 19th, citing CoinDesk, that Bitcoin fell from $82,000 to $76,800, a drop of approximately 6%, but market data suggests this decline may be an unusual correction. Three signals behind this drop indicate market concerns about further price drops. First, ETF outflows have accelerated: since May 7th, US spot Bitcoin ETFs have seen outflows exceeding $1.5 billion, with a single-day outflow of $648 million on Monday, a new high since January 29th. Second, aggressive selling has occurred in both the spot and futures markets: Glassnode data shows that the cumulative trading volume difference in the spot market fell from $16.9 million to -$126.2 million, and the cumulative trading volume difference in perpetual contracts fell to -$368.5 million, indicating that sellers are actively selling in both the spot and futures markets. Furthermore, hedging demand has increased: Glassnode analysts stated that the 25-Delta skewness of options rose from 10.9% to 14.4%, indicating that options market participants perceive increased downside risk. According to Vikram Subburaj, CEO of the Indian exchange Giottus, the first support level is around $76,000, followed by the $74,000-$75,000 range. A break below this area could trigger a deeper correction.

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Author: PA一线

This content is for market information only and is not investment advice.

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