has been struggling with its price action as it has failed to satisfy investors of late. This has sparked fear in the entire community, as suggested by latest datasets.earlier that as we approached the Santa Claus rally, an event that historically has pushed the crypto market up, Bitcoin was struggling.
At the time of writing, the king coin was trading at $94,078 with a market capitalization of over $1.86 trillion. It was interesting to note that despite the double-digit weekly correction, only 1.98 million BTC addresses were “out of the money,” which accounted for less than 4% of the total number of Bitcoin addresses, as per IntoTheBlock’s, highlighting a notable development. According to the tweet, the crypto markets have opened the week retracing further, instilling panic toward the retail crowd.
Bitcoin’s number of addresses with balances of more than $1million declined sharply last week, indicating that the big-pocketed players were also selling their holdings, which can cause more trouble for BTC in the coming days.A funding rate increase in the crypto market means that the cost of holding long positions increases—a sign of rising bullish sentiment around an asset.
The taker buy/sell ratio was also green. This meant that buying sentiment was dominant in the derivatives market. If these metrics are to be believed, then expecting a trend reversal for BTC isn’t too ambitious.Dipayan is a full-time journalist at AMBCrypto. He has 2 years of experience in the content creation industry. A graduate in journalism, Dipayan has a keen interest in keeping himself updated with the latest developments in the crypto-space.
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