🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

'Bitcoin Trader Fatigue' on Display as Price Awaits Epic Breakout

Published 2024/06/20, 11:50
Updated 2024/06/20, 15:00
© Reuters.  \'Bitcoin Trader Fatigue\' on Display as Price Awaits Epic Breakout

U.Today - Many investors are waiting for the price of Bitcoin (BTC) to rebound after weeks of rangebound motion. While the prospects for a rebound remain high, market analytics platform Santiment has revealed that the market is currently experiencing "Bitcoin trader fatigue."

Bitcoin twist imminent

Notably, Bitcoin trader fatigue was highlighted as a major troubling trend as this extended level of Fear, Uncertainty and Doubt (FUD) is rare, as traders continue to capitulate. Santiment pointed out that this disinterest in Bitcoin comes as the price of the coin hovers from $65,000 to $66,000.

According to the chart shared by the market analytics platform, the Weighted Sentiment of Bitcoin comes in at -0.800433. Amid this FUD, one intriguing trend is that Bitcoin whales are accumulating the coin at an alarming rate. Santiment noted that this negative sentiment, mixed with whale accumulation, often signifies upcoming bottoms.

What this signals essentially is that the sell-offs in the price of Bitcoin might soon shift gears, with prospective accumulation set to take over across the board.

At the time of writing, Bitcoin was trading for $65,849.86, up by 0.83% in the past 24 hours. While this uptick is not uncommon considering its latest price action, Bitcoin might need more visible accumulation for it to wriggle completely out of the bear zone.

Fundamentals are there

Bitcoin is the most revered digital currency, a recognition that gives it an edge against elongated sell-offs. The presence of the spot Bitcoin ETF, the past halving cycle and corporate embrace is set to help return bullish energy to the coin.

At the current level, the volume is still showcasing a buildup in general interest as it is down by 44.26% to $19,148,407,098. A sustained return of inflows into the U.S. spot Bitcoin ETF might be a major trigger to watch out for in the long term.

This content was originally published on U.Today

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.