As of this writing, BTC traded at $16,669.77. As per data from CoinMarketCap, the coin’s price declined by 4% in the last 24 hours, and its trading volume was down by 33% within the same period. This meant that coin holders had very little conviction of any further price rally in the short term and took to distributing their holdings.
On the daily chart, key indicators showed that the king coin was severely oversold. As of this writing, BTC’s Money Flow Index rested deep in the oversold region at 24. Its Relative Strength Index was no different, as it was spotted in a downtrend at 34. With fewer buyers in the market, selling pressure gained momentum, causing the Chaikin Money Flow to be pegged below the center line at -0.10.revealed that negative sentiment trailed the leading crypto asset at press time. At the time of writing, BTC’s weighted sentiment was a negative -0.276.
This was attributable to the fact that many holders held at a loss. BTC’s Market Value to Realized Value ratio on a seven-day moving average was -4.175%. This meant that if most coin holders sold their BTC at its current price, they would realize losses.Subscribe to get it daily in your inbox.