You can also find out more about the following: Bitcoin price recovery above the $67,000 level This has caused a wave of sales, but not by the usual large investors. Small-time traders are now dumping their stock and pushing the market down. This isn’t a bad thing, as historically such sales have been profitable. bullish for the Bitcoin price.
Bitcoin Retailers are Dumping their Bags
Santiment, a data tracking service that tracks on-chain transactions on X (formerly Twitter), revealed an intriguing trend in small Bitcoin investors. As the price of Bitcoin rallied past $67,000 These small wallets decided to make a profit by selling them over the weekend.
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The wallets that hold less than 0.1 BTC On their balances. The average wallet holds $6,000. Santiment writes that the collective value of their wallets has dropped 0.46% in a week.
🐟👋 #Bitcoin Small traders are continuing to trade at just over $66.1k. #liquidate Their assets despite the #crypto Bounce over the last seven days. The trend of small wallets depositing their coins in larger wallets historically is encouraging. #bullish The sign is for $BTC. https://t.co/wlz4XPhfMD pic.twitter.com/dTJAy5G6pL
— Santiment (@santimentfeed) May 19, 2024
It is nothing new to sell among small wallets, but it can have an impact on price. It is still cheaper than when whale and sharks Retail investors who sell BTC are usually in a positive mood for price. The price is usually bullish when retail investors sell their BTC holdings.
Crynet is a blockchain-based agency. explains Santiment’s response: “While small traders divesting might seem concerning, it’s often a bullish signal. Historically, this redistribution to larger holders indicates stronger hands in the market. Let’s see how this plays out.”
Bullish Sentiment Rises Among Investors
This selling is a reaction to heightened bullishness. Santiment had reported this in an earlier post. bullishness among Bitcoin investors The price of BTC has now reached a four-month high. Investors were last this optimistic in January 2024, when BTC’s price had reached $45,000.
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Bitcoin’s weighted value is 0.99. This is lower than January’s high of nearly 1.8 but it still ranks among the top large-cap values. Only Chainlink’s (LINK) sentiment weighted value is currently higher, after reaching a new high of 1.829.
🥳 There has been a shift in the crowd’s attitude. #Bitcoin After a surprise jump of $66K (and now at $67.2K), Additionally, #Chainlink The most beautiful part of the world is experiencing its best. #bullish In over a years time, how do you feel? #FOMO In order to keep the rise of these prices, it is important that you stay low. https://t.co/TcEPBdS9Oh pic.twitter.com/czvE1mOgId
— Santiment (@santimentfeed) May 17, 2024
Ethereum’s weighted sentiment currently sits at a low minus 0.44, while XRP, Binance BNB and Binance’s XRP are at about minus 0.37. It is clear that the bearishness of these assets continues, and crypto investors are looking to Bitcoin for market leadership.
As of the date this article was written, BTC price It is currently trading at $66,900, a price that’s still high. According to Coinmarketcap, the largest cryptocurrency in terms of market capital has seen a 6.78% increase over the past week. It also experienced a 0.5% decline in the day before.
Featured images created by Dall.E using Tradingview.com chart
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Source: www.newsbtc.com