This afternoon, Bitcoin, the most valued cryptocurrency globally, experienced a 2% decrease in value, causing its price to dip to approximately $61,600. However, within the past few hours, Bitcoin has rebounded and is currently being traded near $63,916. Its market capitalization now stands at around $1.26 trillion.
Bitcoin Bull vs Bear Ratio Skewed To The Negative
Based on information from the on-chain data company Santiment, there’s been a significant shift in Bitcoin sentiment since it dropped to $61,500 during the weekend. The current balance of negative and positive comments indicates this pessimism, hinting at unease among traders.
Despite the apprehension and anxiety among traders, the market has surprisingly bounced back. This contrasting behavior could signify an impending shift in trends, as indicated by the sudden halt in panic selling.
Experts believe the current trend will continue until the Bitcoin halving event grabs everyone’s attention on social media once more, similar to the buzz and excitement seen prior to the last event.
$62,000 Remains the Crucial Support
Crypto expert Ali Martinez underscores the importance of certain price points for Bitcoin based on the Unspent Bitcoin Realized Price Distribution (URPD). He specifically mentions that $62,000 is a crucial support area for Bitcoin. If Bitcoin falls below this mark, investors’ focus may shift towards the next notable demand zone, approximately at $51,500.
In other words, Martinez explains that if Bitcoin’s price bounces back above $66,250, it could significantly boost the chances of continuing the current market uptrend. Should Bitcoin surpass the resistance at $66,000, potential future price targets lie at $79,000 and $86,000.
In addition, Martinez pointed out that the Bitcoin Accumulation Trend Score has undergone a substantial modification, signaling a first change since October 2023. The current score is 0.27, suggesting a shift in the habits of major Bitcoin holders. This development implies that these holders could be either dispersing their assets or abstaining from purchasing additional BTC for now.
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2024-04-17 10:05