According to digital asset analysis firm Santiment, Bitcoin (BTC) presents a potentially bullish indicator while the overall cryptocurrency market is in decline.
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Santiment explains,
“This BTC ratio is at its lowest level in two months. In general, lower levels justify a bullish situation.”
At the time of this writing, BTC is trading at $59,170. The top crypto asset by market capitalization rose more than 2.5% in the past 24 hours, but fell more than 8% in the past seven days.
CryptoQuant, a fellow analytics company, Examined The underlying factors that caused the BTC market decline over the past week.
“Market sentiment towards Bitcoin is weakening, as evidenced by Coinbase’s negative premium and declining futures leverage. This drop in enthusiasm suggests a cautious approach for traders.
The slowdown in BTC demand from large investors (whales) is clear. Growth peaked at 12% per month in late March, but has now fallen to 6%. Such a slowdown impacts potential price increases that depend on strong whale demand. ”
Cryptoquant too Note Miners are selling BTC, increasing supply in the market and “eroding potential price support.” The increase in short positions also indicates that traders are betting that the top crypto asset will fall, according to the analytics firm.
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