Bitcoin Tumbles Below $65,000: Should You Panic Or Buy?
18 Junho 2024 - 8:00PM
NEWSBTC
As Bitcoin dips below the $65,000 mark, currently trading at
$64,886, the cryptocurrency market is witnessing a heightened sense
of urgency among traders. This recent downturn reflects a broader
trend observed over the past week, with Bitcoin shedding
approximately 2.4% of its value. The last 24 hours alone saw a
further decline of 1%, signaling growing market nervousness.
Related Reading: CoinShares: Altcoins Defy Trends As Bitcoin Faces
$600M in Outflows – What’s Next? Should You Panic? Analysts from
the blockchain analytics platform Santiment highlight the ongoing
decline phase as a steepest three-day decline in active Bitcoin
wallets since the peak earlier in March, suggesting a significant
shift in investor behavior and market sentiment. However, this
contrasts sharply with ETH, as Ethereum wallets continue to
increase, indicating divergent investor confidence between the
leading cryptocurrencies. The increase in Ethereum wallets suggests
a bullish outlook for ETH despite the bearish pressure on Bitcoin.
Meanwhile, according to Bitfinex analysts, the ongoing sell-off has
been significantly influenced by long-term Bitcoin holders and
whales adjusting their holdings amid the market’s consolidation
phase. This behavior is typical of long-term holders who opt to
reduce their positions during periods of market uncertainty to
capitalize on or mitigate losses. The Bitfinex analyst reveals that
the Hodler Net Position Change metric has consistently shown
negative values, indicating that these significant players are
moving their holdings to exchanges, potentially to sell, exerting
downward pressure on Bitcoin prices. This trend is echoed by the
rising Bitcoin Exchange Whale Ratio, which tracks large deposits
into exchanges relative to overall market activity. As more whales
transfer their Bitcoin to trade on platforms, the increased
potential supply on the market can lead to price drops. Should You
Buy? Despite these pressures, some analysts remain cautiously
optimistic about a potential rebound. CrediBULL Crypto, a prominent
analyst, suggested on X that BTC might be nearing its lower support
levels, with the current prices potentially front-running a deeper
market low that many fear. There’s a chance our $BTC bottom is in
with this SFP. Below is what I am watching for now. Yes, we can
still technically go lower into the “dream long” zone below, but as
I’ve previously said it would not surprise me to see that zone
front run. That being said, you sell the…
pic.twitter.com/cI6moqbadJ — CrediBULL Crypto (@CredibleCrypto)
June 18, 2024 Funding rates in the crypto derivatives market serve
as a critical indicator of trader sentiment. Recent data from
Coinglass indicates that funding rates are slightly positive, which
traditionally signals a bullish outlook among traders. Related
Reading: Bitcoin Mining Cost At $86,700: Price To Surpass This
Soon? Notably, positive funding rates imply that more traders are
betting on the price of Bitcoin going up and are willing to pay a
premium to hold long positions in futures contracts. #BTC Funding
rates are slightly positive, showing bullish . Buy the dip.
👉https://t.co/iyLrhuoty0 pic.twitter.com/YFfCsGMTni — CoinGlass
(@coinglass_com) June 18, 2024 This metric can often counterbalance
the prevailing market sentiment, suggesting that despite the
sell-off, a section of the market is preparing for a potential
price increase. Featured image created with DALL-E, Chart from
TradingView
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