Bitcoin Obituaries Hot 447 Following Crash Below $30K
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The team at 99bitcoins has consistently compiled a list of these death pronouncements and calls this list the “Bitcoin Obituaries.” According to the data from the website, Bitcoin has “died” 447 times since 2009.
In 2022, the benchmark cryptocurrency has recorded seven obituaries, already higher than the pronouncements recorded in 2010, 2011, and 2012. These pronouncements trail the crash seen in BTC over the past few months, with analysts predicting that more obituaries will come in before the end of the year.
The latest obituary listed on 99bitcoins.com was an article by the British financial journalist and columnist for the Financial Times, John Plender, titled “Bitcoin Will Run Out of Greater Fools,” from his April editorial.
Plender wrote in the article: “There can be no denying the astonishing power of blockchain technology, which is here to last.” The journalist added:
“Yet bitcoin is intangible, risky, and incomprehensible to most human beings. While it is increasingly gaining acceptance among professional investors, its performance this year makes it hard to believe it can topple gold from its position as the ultimate bolthole for frightened money.”
Key Bitcoin Levels to Watch — May 10
Bitcoin’s bearish woes have only worsened over the past week, as the benchmark cryptocurrency breached the critical $30K support, along with my broader pivot zone, yesterday. This bearish slide saw the cryptocurrency hit the $29.7K low after a five-day consecutive decline, its lowest point since July last year.
BTC has now rebounded to the $32K top today, as it eases the bearish pressure that has accrued over the past few days. That said, it is still unclear if the flagship cryptocurrency has bottomed or whether the bearish row could resume in the coming days, as investors might remain wary of riskier assets amid a global economic slowdown.
Meanwhile, my resistance levels are at $33,000, $33,750, and $34,300, and my key support levels are at $31,000, $30,000, and $29,000.
Total Market Capitalization: $1.48 trillion
Bitcoin Market Capitalization: $612.4 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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