“When it rains, it pours” is an old saying finding new relevance in the cryptocurrency markets on May 9 as traders face another day of pain and the current price decline brings Bitcoin (BTC) to its lowest level in 2022.
Data from Cointelegraph Markets Pro and TradingView shows that the BTC selloff on May 9 intensified as the trading day progressed with Bitcoin hitting a daily low of $31,000 as bulls scrambled to mount what amounted to a weak defense.
Here’s a look at some of the developments that led up to May 9’s price declines and what traders can look for as the crypto market heads deeper into bear territory.
Further downside is a possibility
Bitcoin bulls have struggled to establish a solid floor of support over the past couple of months because bears have been persistent in their drive to push the price lower.
Currently, BTC price down 50% from its all-time high in November and on-chain analysis firm Glassnode noted in a recent…