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On May 26, on-chain analytics provider Sentiment observed that bitcoin traders often buy short-term, smaller crypto price dips, but shy away from larger long-term buys.
It added that dip buy mentions are currently inactive, which suggests weak market sentiment.
“Historically, capitalizing on such #FUD has been good,” it said.
Furthermore, since its rally in mid-April, bitcoin price has retraced nearly 15% to below $31,000. The lack of volume at the moment also suggests that the decline is not yet deep enough to attract more buying pressure.
bitcoin falls to support
Sentiment also pointed out that there has been an increase in loss-selling among crypto holders. It used the MVRV (market-value-to-realized-value) metric, which indicates that the vast majority of crypto assets are flashing under-bought signals across the sector.
“With the market looking sluggish for traders, we continue to see restless addresses emptying their wallets and selling at a loss.”
Using the previous bull peak as an anchor, Glassnode notes that the price of bitcoin has declined to the Golden Fibonacci Ratio of -61.8%. It is at $26,200, where the price declined a few hours ago.
Since then, BTC has recovered slightly from $26,500 at the time of writing, but remains bearish in the near term.
After weeks of consolidation and slow depreciation, the Bitcoin Fear and Greed Index remains neutral. It is currently showing a value of 49 where it is from last fortnight.
crypto market outlook
The crypto market fell to a ten-week low in late trading on May 25, with total capitalization falling to $1.14 trillion. They have only recovered marginally during the Asian trading session on Friday morning, suggesting more consolidation may lie ahead over the weekend.
After falling to $26,000, BTC price is up half a percent on the day but remains sideways, hovering above long-term support. A breakdown from here would find further support near $25,000.
Ethereum price dropped to $1,770 yesterday, but has since been trading at $1,807 at the time of writing.
The only altcoins posting measurable gains at this point are XRP, MATIC and LTC, each up 3% on the day.
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On May 26, on-chain analytics provider Sentiment observed that bitcoin traders often buy short-term, smaller crypto price dips, but shy away from larger long-term buys.
It added that dip buy mentions are currently inactive, which suggests weak market sentiment.
“Historically, capitalizing on such #FUD has been good,” it said.
Furthermore, since its rally in mid-April, bitcoin price has retraced nearly 15% to below $31,000. The lack of volume at the moment also suggests that the decline is not yet deep enough to attract more buying pressure.
bitcoin falls to support
Sentiment also pointed out that there has been an increase in loss-selling among crypto holders. It used the MVRV (market-value-to-realized-value) metric, which indicates that the vast majority of crypto assets are flashing under-bought signals across the sector.
“With the market looking sluggish for traders, we continue to see restless addresses emptying their wallets and selling at a loss.”
Using the previous bull peak as an anchor, Glassnode notes that the price of bitcoin has declined to the Golden Fibonacci Ratio of -61.8%. It is at $26,200, where the price declined a few hours ago.
Since then, BTC has recovered slightly from $26,500 at the time of writing, but remains bearish in the near term.
After weeks of consolidation and slow depreciation, the Bitcoin Fear and Greed Index remains neutral. It is currently showing a value of 49 where it is from last fortnight.
crypto market outlook
The crypto market fell to a ten-week low in late trading on May 25, with total capitalization falling to $1.14 trillion. They have only recovered marginally during the Asian trading session on Friday morning, suggesting more consolidation may lie ahead over the weekend.
After falling to $26,000, BTC price is up half a percent on the day but remains sideways, hovering above long-term support. A breakdown from here would find further support near $25,000.
Ethereum price dropped to $1,770 yesterday, but has since been trading at $1,807 at the time of writing.
The only altcoins posting measurable gains at this point are XRP, MATIC and LTC, each up 3% on the day.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
