Many investors are waiting for the price of Bitcoin (BTC) to recover after weeks of range-bound movement. While prospects for a recovery remain high, market analysis platform Santiment has revealed that the market is currently experiencing “Bitcoin trader fatigue.”
Many investors are waiting for the price of Bitcoin (BTC) to recover after weeks of range-bound movement. While prospects for a recovery remain high, market analysis platform Santiment has revealed that the market is currently experiencing “Bitcoin trader fatigue.”
Bitcoin turnaround is imminent
In particular, Bitcoin trader fatigue stood out as a major worrying trend, as this widespread level of fear, uncertainty, and doubt (FUD) is rare as traders continue to capitulate. Santiment noted that this disinterest in Bitcoin occurs when the price of the currency fluctuates between $65,000 and $66,000.
Alex DovbnyaAccording to the chart shared by the market analysis platform, Bitcoin’s weighted sentiment is -0.800433. Amid this FUD, an intriguing trend is that Bitcoin whales are accumulating the currency at an alarming rate. Santiment noted that this negative sentiment, mixed with the accumulation of whales, often means bottoms are coming.
What this essentially indicates is that the sell-offs in Bitcoin price could soon change course, with possible accumulation taking hold across the board.
At the time of writing, Bitcoin was trading at $65,849.86, up 0.83% in the last 24 hours. While this rally is not uncommon considering its latest price action, Bitcoin might need a more visible accumulation to fully break out of the bearish zone.
The fundamentals are there
Bitcoin is the most revered digital currency, a recognition that gives it an advantage against prolonged sell-offs. The presence of the Bitcoin spot ETF, the past halving cycle, and corporate acceptance will help return bullish energy to the coin.
Gamza KhanzadaevAt the current level, volume continues to show an increase in overall interest as it is down 44.26% to $19,148,407,098. A sustained return of inflows to the US Spot Bitcoin ETF could be an important factor to watch in the long term.
