Bitcoin underwent an adjustment on April 19th, with its price dropping by 3% in the past 24 hours. However, market sentiment is still high, which may indicate that BTC will regain its footing soon
Bitcoin underwent an adjustment on April 19th, with its price dropping by 3% in the past 24 hours. However, market sentiment is still high, which may indicate that BTC will regain its footing soon.
- The trading price of Bitcoin has dropped by 3% compared to the previous day, and as of the time of publication, it has dropped to $29278.
- However, the number of addresses holding 0.1+BTC has reached a historic high.
Since Bitcoin [BTC] broke through the $30000 mark, traders and enthusiasts of this king coin have been delighted with their position. At the beginning of the second quarter, various beginners in the encryption community also regained interest in BTC.
However, as of the time of publication, BTC has fallen nearly 3% in the past 24 hours and traded below $30000 at a price of $29278. So, what disrupted BTC's path to a new high in the $30000 region?
Is everything temporary?
According to CryptoOnchain's CryptoQuant analysis data, the increase in BTC sales has led to price adjustments in the past 24 hours. As shown in the figure below, long-term holders of BTC (18 months to 2 years) selling their BTC resulted in a decrease in the price of the coin.
However, the analyst also pointed out that BTC's outflow from the exchange balance has increased. This means that more and more BTC investors are transferring their tokens into their wallets. Therefore, this can provide BTC with some urgently needed support to return to the $30000 competition.
According to another CryptoQuant analysis, the continued trend of BTC may be similar to the bear market of 2018. Before the 2019 bull market, the price of BTC was still much lower than the actual price in 2018. Before BTC began its bull market journey in 2023, the final surrender stage saw that BTC's trading price was much lower than its actual price.
So what about the Year of the Ox?
According to data from the intelligence platform Santiment, as of April 18th, the weighted sentiment towards BTC has increased. This indicates that market traders are optimistic compared to the special currency. However, at the time of writing, the ratio of social dominance and market value to realized value (MVRV) declined.
Although the MVRV ratio has indeed shown a significant increase since early March, the decline does indicate a subtle bearish sentiment surrounding cryptocurrencies.
As of press time, BTC's Relative strength index (RSI) was 57, while the random RSI was 73.8. Due to the neutral zone between RSI and random RSI, the price of BTC may rise or fall, depending on higher selling or buying pressures from the market. A neutral stance also indicates that there is no obvious bullish or bearish bias.
Although market sentiment was neutral at the time of writing, BTC did witness growth in some areas. For example, according to data from the on chain intelligent platform Glassnode, the number of addresses holding 0.1+BTC reached ATH on April 19th.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
