Over the last few weeks, the broader digital currency market has come under selling pressure with Bitcoin (BTC) and some top crypto altcoins heading lower. There is many of uncertainty surrounding the macro developments and the ongoing United States debt ceiling negotiations.
On-chain data provider Santiment shows that traders’ enthusiasm for Buy the Dips has waned amid dip opportunities becoming more realistic. It noted:
We are seeing the common paradox of traders buying short-term, small # cryptocurrency price dips, but scared to buy the longer-term bigger ones. Mentions of #buythedip or #boughtthedip are dormant. Historically, this kind of #FUD has been good to capitalize on.