Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell?
27 Abril 2024 - 6:00AM
NEWSBTC
The story has not been any much different for Bitcoin, with its
price still stuck in a consolidation range in the past week. The
sluggishness of the premier cryptocurrency – and the general market
– has continued despite the completion of the halving event over a
week ago. The halving event, which saw mining rewards take a
significant cut, was expected to usher in another round of
bullishness for the Bitcoin price. On the contrary, investors
appear to be getting frustrated with the slow activity of the
market, with many calling for the dump of BTC. Bitcoin Sell Calls
At Increased Rate: Blockchain Firm According to a recent report by
on-chain analytics firm Santiment, investors are increasingly
calling for the sale of Bitcoin across social media following its
latest drop toward $63,000. The relevant metric here is the “social
volume” indicator, which tracks the number of unique posts and
messages on different social platforms that mention a specific
topic. Related Reading: Ethereum Withdrawals From Exchanges Top
260,000 ETH – What This Means For Price Santiment aggregated data
of “buy or bullish”, “sell or bearish,” or related mentions for the
premier cryptocurrency over the past week. The on-chain analytics
then highlighted a shift in the trend, with the bearish calls
looking to drown out the bullish noise on social media. Social
volume for Bitcoin over the past week | Source: Santiment/X
According to Santiment, 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 above $67,000). As shown in the chart
above, the social volume for terms related to “sell” shot up after
the price decline. Typically, the increased bearish mentions of
Bitcoin suggest a rising level of FUD (fear, uncertainty, and
doubt) amongst investors. However, when traders seemingly become
frustrated and impatient, there is usually a higher probability of
a market rebound. Almost 90% Of Circulating BTC In Profit – Impact
On Price According to recent on-chain data, about 90% of Bitcoin in
supply is in profit. On the surface, this basically implies that
the most current holders of the premier cryptocurrency bought at a
lower price compared to the current price. Related Reading: Brace
For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To
Exchanges However, this level of profitability can also be an
overbought signal, especially after bullish periods like the one
that occurred between October 2023 and March 2024. Ultimately, this
suggests investors could see Bitcoin shed more of its price gains
over the next coming weeks. As of this writing, Bitcoin is valued
at $63,077, reflecting a 2% price decline in the past 24 hours.
Bitcoin price falls to $63,100 on the daily timeframe | Source:
BTCUSDT chart on TradingView Featured image from iStock, chart from
TradingView
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