Bitcoin (BTC)Crypto News

Top crypto analytics firm says Bitcoin (BTC) is showing signs of a notable rally as trader sentiment turns sour

Crypto market news platform Santiment says a somber reaction to that Bitcoin (BTC) below $30,000 earlier in the week is needed for a recovery.
Santiment says the purge of traders and investors exiting the market at the first sign of falling prices usually results in a “really remarkable bounce” thereafter.

“With bitcoin now down as low as $33,900, trader sentiment has fallen to a six-week low. We usually prefer to see surrender signs like this since weak hands leaving space are generally what it takes for a truly remarkable jump.
Source: Santiment/Twitter
Bitcoin is trading at $31,313 at the time of writing.

In case of Ethereum (ETH)the market research platform for cryptocurrenciessays a sign that the bottom is near came on Friday as the ratio of profitable to loss-making transactions fell to a 42-month low.

“On the Ethereum network, about 3.4 times as many transactions were made on Friday, while coins were at a loss compared to gains. This was the highest day in terms of ETH capitulation trade rate since November 18, 2018, or 3.5 years ago.”
Top crypto analytics firm says Bitcoin (BTC) is showing signs of a notable rally as trader sentiment turns sour, Crypto Trading NewsSource: Santiment/Twitter
Ethereum is trading at $2,319 at the time of writing, down almost 7% over the past day.

Santiment is also watching Chainlink (LINK)a decentralized network that provides off-chain data for the smart contracts of various blockchains.

According to the Crypto Market Intelligence Platform, the native token of the Blockchain-Oracle an accumulation of whales amid a price drop to levels last seen in September 2020.

“Chainlink has fallen below $10 for the first time in 18 months as crypto markets end another week of price corrections. However, addresses of key stakeholders seem to be in accumulation mode over the last 4-6 weeks.”
Top crypto analytics firm says Bitcoin (BTC) is showing signs of a notable rally as trader sentiment turns sour, Crypto Trading NewsSource: Santiment/Twitter
Chainlink is trading at $8.36 at the time of writing.
Check the price action

Source: Crypto News Deutsch

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