Over the last few weeks, the broader digitalย currency market has come under selling pressure with Bitcoinย (BTC) and some top cryptoย altcoins heading lower. Thereย is manyย of uncertainty surrounding the macro developments and the ongoing Unitedย States debt ceiling negotiations.
On-chain data provider Santiment shows that tradersโ 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.
On the other hand, it seems that Bitcoinย (BTC) miners have continued to add throughout the 30ย days of May. Data from Glassnode shows that post the implosion of the FTXย Tradingย Ltd cryptocurrency exchange, miners have expanded their balance sheet by 8,200 Bitcoins with their total holdings now moving closer to 80K BTC.
Similarly, during the 30ย days of May, Bitcoinย (BTC) miners raked in a total of 12.9 Bitcoin in mining bonus per block. Only for the fifth time in history, the Bitcoinย (BTC) miner fee revenue has surpassed the subsidies.
Cryptoย Altcoins Flash Underbought Signals
Althoughย while the Bitcoinย (BTC) price persistsย to remain under selling pressure, tradersโ attention has now shifted to cryptoย altcoins. Santiment reported:
With markets seeming dull to traders, weโre continuing to see restless addresses emptying their wallets and selling at a loss. Our MVRV model, signifies the vast bulkย of # cryptoย altcoins are flashing underbought indicates across the sector.
Several of the other trending cryptocurrencyย market traders are likewise stating that the time to buy cryptoย altcoins is now. Trending cryptocurrency analyst and EightGlobal founder Michael Van De Poppe recently tweeted:
For cryptoย altcoins, the time to accumulate them has come. 1 year before the halving -> time to buy those positions. Reached an important level here, which is likewise approx. 1 year before the halving.
Still a weekly positiveย tendency divergence on Others.Dominance chart.
The previous time in the cycle, which was approx. 1 year before the halving of $BTC, cryptoย altcoins likewise bottomed. pic.twitter.com/ths42Noyza
โ Michaรซl van de Poppe (@CryptoMichNL) May 25, 2023
Several cryptoย altcoins like Litecoin (LTC) are already showing strength. Before theย present retracement, the LTC price surged over $90 in a positiveย tendency momentum driven by theย following halving event.
