The story hasn't been much different for bitcoin, with its price still stuck in a consolidation range for the past week. The sluggishness of the leading cryptocurrency (and the market in general) has continued despite the completion of the halving event over a week ago.
The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of optimism for the bitcoin price. On the contrary, investors appear to be frustrated by the slow market activity, with many calling for the delisting of btc.
bitcoin sell calls at higher pace: blockchain company
According to a x.com/santimentfeed/status/1783969190090854457″ target=”_blank”>recent report According to on-chain analysis firm Santiment, investors are increasingly calling for the sale of bitcoin on social media after its latest drop towards $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic.
Santiment added “buy or bullish,” “sell or bearish,” or related mentions data for the top cryptocurrency over the past week. On-chain analysis then highlighted a change in trend, and bearish calls sought to drown out the bullish noise on social media.
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According to Santiment, bitcoin's recent drop to $63,000 resulted in the lowest level of bullish buying and calls since April 21 (just before btc recovered above $67,000). As shown in the chart above, social volume for terms related to “sell” spiked after the price drop.
Typically, increasing bearish mentions of bitcoin suggest a rising level of FUD (fear, uncertainty and doubt) among investors. However, when traders appear frustrated and impatient, there is usually a greater chance that the market will recover.
Almost 90% of circulating btc makes profits: impact on price
According to recent x.com/santimentfeed/status/1783900208579092489″ target=”_blank”>string data, about 90% of the bitcoin supply generates profits. At first glance, this basically implies that the most current holders of the main cryptocurrency bought at a lower price compared to the current price.
However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests that investors could see bitcoin lose more gains than prices in the coming weeks.
At the time of writing, bitcoin is valued at $63,077, reflecting a 2% price drop in the last 24 hours.
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