Bitcoin has been a similar story, as its value is still the same. stuck in a consolidation range The market has been sluggish over the past seven days. You can also find out more about the following: sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago.
The halving eventIt was anticipated that the Bitcoin rate would rise once again as mining rewards were cut. Investors are frustrated by the lack of activity on the market and many have called for a dump of BTC.
Bitcoin Calls to Sell at a Higher Rate: Blockchain Firm
A recent report Santiment’s on-chain data analytics shows that investors have been increasingly urging the selling of Bitcoin in social media, following its most recent decline to $63,000. Here, the important metric is how much Bitcoin has dropped in price. “social volume” This indicator tracks how many unique messages and posts are made on social media platforms about a particular topic.
Santiment aggregated statistics “buy or bullish”, “sell or bearish,” Or related mentions of the leading cryptocurrency in the last week. The analytics on the blockchain then showed a trend shift, as the bullish voices on social media were drowned out by the bearish ones.
Santiment reports that Bitcoin’s recent drop to $63,000 has resulted the lowest levels of bullish and buy calls since 21st April (just before BTC rose back to above $67,000). In the above chart, you can see that Bitcoin’s recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back over $67,000). social volume Terms that are related “sell” After the decline in price, prices shot up.
Investors are more likely to be concerned about Bitcoin when they hear more bearish comments. When traders become impatient and frustrated, the risk is higher. probability of a market rebound.
Almost 90% Of Circulating BTC In Profit – Impact On Price
Recent studies have shown that on-chain dataAbout 90% of Bitcoin is in profit. This would seem to indicate that most of the holders are in profit.
But, there is a catch. level of profitability It can be an indicator of overboughtness, particularly after periods such as the bullish period between March and October 2024. Finality, investors may see Bitcoin lose even more of its gains. next Coming weeks.
Bitcoin has fallen 2% in price over the past 24 hour.
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Source: www.newsbtc.com