Bitcoin (BTC) Trader Fatigue Sets In as Whales Accumulate Ahead of Potential Price Rebound
- 王林Original
- 2024-06-20 19:06:40674browse
Many investors are waiting for the price of Bitcoin BTCUSD 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."
Many investors are keeping an eye on the price of Bitcoin (CRYPTO: BTCUSD) as it continues to experience a period of limited price movement. While anticipation remains for a potential rebound, market analytics platform Santiment has highlighted a concerning trend: "Bitcoin trader fatigue."
According to Santiment, this level of sustained fear, uncertainty and doubt (FUD) is rare, especially as traders are capitulating from the market. The platform pinpointed this lack of interest in Bitcoin as its price has hovered around the $65,000 to $66,000 range.
The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate.
Bitcoin trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient. pic.twitter.com/WMy3lbdjEB
— Santiment (@santimentfeed) June 20, 2024
As shown in the chart shared by Santiment, the Weighted Sentiment for Bitcoin stood at -0.800433 at the time of writing.
Amid this FUD, one interesting development is the high rate at which Bitcoin whales are accumulating the coin. According to Santiment, this negative sentiment, coupled with whale accumulation, usually marks the approach of market bottoms.
Essentially, this signals a potential shift away from sell-offs in Bitcoin's price, with a buildup in accumulation expected to become more evident across the board.
Bitcoin was trading at $65,849.86 at the last check, having risen 0.83% over the past 24 hours. While this uptick is noticeable given its recent price action, Bitcoin may require a sustained period of visible accumulation to fully emerge from the bear zone.
The fundamentals to watch
As the flagship digital currency, Bitcoin benefits from several factors that may cushion it from extended sell-offs. Among these are the presence of a spot Bitcoin ETF (NYSEARCA:BITI), the recent halving cycle and corporate adoption, all of which could contribute to a return of bullish energy to the coin.
At the current level, the volume continues to indicate a buildup in overall interest, albeit marginally, as it had decreased by 44.26% to reach $19,148,407,098. A sustained return of inflows into the U.S. spot Bitcoin ETF could serve as a key trigger to watch for in the long term.
News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-trader-fatigue-sets-whales-accumulate-ahead-potential-price-rebound.html
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