The unpredictable Bitcoin market caused a momentary drop in price, dipping just under $69,000. This sudden shift ignited fear among investors and traders.
Based on the data, it’s possible that this sentiment could help boost Bitcoin‘s price, which has been struggling recently.
Buying Opportunities Emerge
On March 14, Bitcoin reached an all-time high of over $73,700 due to increased buying after the Bitcoin ETF was given the green light in January. However, some investors have sold their Bitcoins in anticipation of the upcoming halving, leading to price fluctuations.
After erasing all the gains made over the weekend and dropping more than 4% in two days, Bitcoin, the world’s leading crypto asset by market value, was once again being traded around $69,000 or even below that price. During this decline, Santiment noted a noticeable change in public sentiment, causing an initial wave of anxiety among traders.
Despite the fear and uncertainty, talks about potential buying opportunities related to #dip have arisen, with only ten more days until the scheduled #halving event. It’s intriguing to note that keeping some anxiety levels high might even trigger a market bounce-back.
Santiment noted that crypto market trading volume hit its highest point on March 6th, but since then it has been dropping steadily. This decline in trading activity appears connected to the price range that appeared around mid-March, which has lowered traders’ confidence when it comes to making investment decisions.
If Bitcoin and other leading assets show clearer trends, trading volume in the market may pick up again.
The trading activity in cryptocurrencies reached its highest point on March 6th, but has been decreasing since then. This trend can be attributed to some extent to the sideways price movement that started around mid-March, which leaves traders feeling uncertain about making the best moves. Bitcoin, Ethereum, and other leading cryptocurrencies are included in this description.
— Santiment (@santimentfeed) April 9, 2024
Bitcoin in Early Stages of Euphoria?
In a positive outlook, it seems that Bitcoin investors who have held the cryptocurrency for a long time are starting to keep their profits instead of selling, suggesting a trend toward keeping their tokens.
According to Glassnode’s recent analysis as a leading blockchain intelligence company, the current distribution of Bitcoins between long-term investors and new buyers suggests that the market is either experiencing initial signs of excitement or price exploration.
The analysis highlighted that historical highs have frequently been followed by price drops exceeding 10%, with many of these declines being particularly steep, involving drops of 25% or more.
Read More
- CKB PREDICTION. CKB cryptocurrency
- PBX PREDICTION. PBX cryptocurrency
- BSW PREDICTION. BSW cryptocurrency
- EUR INR PREDICTION
- GEAR PREDICTION. GEAR cryptocurrency
- ICP PREDICTION. ICP cryptocurrency
- TANK PREDICTION. TANK cryptocurrency
- Exploring the Hilarious World of Helldivers’ Ricochet Gameplay
- ‘Starting 5’: LeBron James, Jayson Tatum and Jimmy Butler Among NBA Players Featured in Obamas-Produced Sports Series
- IMX PREDICTION. IMX cryptocurrency
2024-04-10 15:52