Investors Increasingly Call for Bitcoin Sell-Off According to Blockchain Firm Report
A recent report by on-chain analytics firm Santiment revealed that investors are becoming more vocal about selling Bitcoin on social media platforms following a drop in its price to $63,000. The report highlighted the โsocial volumeโ indicator, tracking the number of unique posts mentioning Bitcoin on various platforms.
- Santiment data showed a shift in sentiment towards more bearish calls than bullish ones on social media.
- Following Bitcoinโs drop to $63,000, buy and bullish calls decreased significantly, indicating growing bearish sentiment.
- Increased bearish mentions may signal fear, uncertainty, and doubt among investors, potentially leading to a market rebound.
Impact of Almost 90% Circulating BTC in Profit on Price
Recent on-chain data suggests that around 90% of circulating Bitcoin is currently in profit, indicating that the majority of current holders purchased at lower prices. This high level of profitability can be seen as a potential overbought signal, following a period of bullish price movement.
- The high profitability level may lead to a correction in Bitcoinโs price in the coming weeks.
- As of now, Bitcoin is priced at $63,077, reflecting a 2% decrease in the past 24 hours.
Hot Take: Bitcoin Market Sentiment and Price Outlook
Considering the growing bearish sentiment and the high profitability of circulating Bitcoin, investors should remain vigilant about potential market corrections or price declines. While increased sell calls may indicate short-term volatility, market rebounds are also a possibility amidst investor frustration and impatience.
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