On May 9, Bitcoin lost more than 11%, momentarily falling below $30,000 per coin. A strong mirror support level in the $28,000 per coin area is close. Technically there is now a margin for continued decline, despite today's recovery attempt, the outlook is clear.The market has seen maximum polarization of the crowd during the current downturn. On the Bitcoin network, 40,600 tokens have been transferred to exchanges. This means that investors are sending BTCs to exchanges either to reduce their portfolio risk or to protect margin positions with more collateral.This is the biggest surge since December 2019. According to analyst firm Santiment, this means "maximum polarization of the crowd".Data from Cryptoquant added that spot exchange inflows reached a new two-year peak as BTC whales deposited their assets on exchanges.The given statistics show that investors are in a panic and that the crypto market is completely bearish. This is also confirmed by the Bitcoin Fear and Greed Index, which has fallen from 11 to 10.In a newsletter published on May 9, Glassnode showed some insights. It notes that the average fee paid per transaction rose to $2.72 last week, which, according to BitInfoCharts, a network data tracker, is about 15% higher than usual.Glassnode notes:"We can also see that there was a high degree of urgency associated with these transactions, as the total value of all on-chain transaction fees paid reached 3.07 BTC. This is higher than was seen during the 4-December deleveraging event, at which time the market dropped -34.5% in one day (covered in Week 49, 2021), and is again the largest value in our data-set to date."Investors are likely to have paid above-average fees to prioritize their bids, reduce portfolio risk or add collateral to their margin positions.In addition, the dominance of online transaction fees associated with foreign exchange deposits also signalled urgency.Needless to say, the number of BTC holders suffered greatly after this bearish market sentiment. Even the dominant BTC holders started selling their coins. Glassnode noted that BTC accumulation had maintained a low trend since mid-April.Veteran trader Tone Vays said he expects bitcoin (BTC) traders and investors to panic and sell their BTC stack in the coming days.Vays says that both monthly and weekly charts look bad as bitcoin struggles to stay above the key psychological level of $30,000.The veteran trader says that bitcoin investors should prepare themselves for a possible strong selloff in the next seven days."It is very likely that we will surrender next week. If we go below $30,000... it could be a good buying opportunity. But this buying opportunity is still likely to come back to $37,000. And then it could make another new low later this summer. It's not a very good looking chart."Vays also says he is keeping a close eye on the Momentum Reversal Indicator (MRI), a metric that predicts trend continuation and reversal based on an asset's price momentum. Looking at the MRI, Vays says the slowdown will reign for the next three months.According to the MRI indicator, Vays expects another four to five days of declines. On the weekly chart, there could be about four or five more weeks of decline. The monthly chart has the potential for three more red candlesticks.Recently, Vays predicted that BTC could hit a low of around $25,000 in November this year.Changpeng Zhao, who heads the cryptocurrency exchange Binance, does not deny the market's decline, but says it is not a cause for concern. In hindsight, he points out that we have seen several such crashes before, and all the time bitcoin has recovered by pulling up altcoins.The head of Binance stressed that in a year or two we would think of the current drop as another spike in volatility.Changpeng Zhao is considered the richest cryptocurrency owner in the world. He now owns the equivalent of $17.7 billion in digital coins.He advised traders in this downturn to get their emotions under control. If panic strikes, you can reduce your trading position so as not to risk too much.Australia is preparing to launch two spot Bitcoin ETFs on May 12.The first of these, the 21 Shares Bitcoin ETF, will offer access to tokens held in cold wallets. The second will be called Cosmos Purpose Bitcoin Access ETF and will allow investors to invest in the North American-based spot bitcoin ETF Purpose Investment.Cosmos was the first bitcoin-ETF to gain approval in Australia after the 42% margin requirement from ASX Clear, a major Australian clearing house, was lengthened. Cosmos had rather planned to give Toronto-listed bitcoin-ETF Purpose Investment the opportunity to buy shares.Having been given the green light for the release, almost just before the launch of Cosmos, and 21 Shares the launch of trading was delayed. The Australian Financial Review (AFR) reported that the fault lay with the "next tier service provider", which needed more time to support the products.Reportedly, the organisation that suspended the ETF was the prime or executing broker whose approval was required by the market maker to secure market transactions.
