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“Bitcoin Trader Fatigue” on display as price awaits epic breakout
Goffredo Beniamino
Bitcoin traders are showcasing FUD, a trend that could soon prove beneficial to the price rebound
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Many investors are waiting for the price of Bitcoin (BTC) to rebound after weeks of rangebound movements. Although the prospects for a rebound remain high, market analysis platform Santiment has done so revealed that the market is currently experiencing “Bitcoin trader fatigue.”
Bitcoin’s breakthrough is imminent
In particular, Bitcoin trader fatigue has been highlighted as a major worrying trend as this extended level of fear, uncertainty and doubt (FUD) is rare, as traders continue to capitulate. Santiment pointed out that this lack of interest in Bitcoin stems from the fact that the price of the coin fluctuates between $65,000 and $66,000.
According to the chart shared by the market analysis platform, Bitcoin’s weighted sentiment stands at -0.800433. Amid this FUD, an intriguing trend is that Bitcoin whales are accumulating currency at an alarming rate. Santiment noted that this negative feeling, mixed with accumulation of whalesoften indicates impending lows.
What this essentially signals is that the sell-off in the Bitcoin price may soon shift gears, with potential accumulation set to take over across the board.
At the time of writing, Bitcoin was trading for $65,849.86, up 0.83% over the past 24 hours. While this rally is not uncommon considering its latest price action, Bitcoin may need a more visible accumulation in order to fully exit the bearish zone.
The fundamentals are there
Bitcoin is the most revered digital currency, a distinction that gives it an edge against prolonged sell-offs. The presence of Spot Bitcoin ETFthe past halving cycle and corporate embrace are set to restore bullish energy to the coin.
At the current level, the volume still shows general interest as it fell 44.26% to $19,148,407,098. A sustained return of inflows in the United States, the Bitcoin ETF could be an important factor to watch out for in the long term.
About the author
Goffredo Beniamino
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for cryptocurrencies was born when, as a former banker, he discovered the clear advantages of decentralized money compared to traditional payments. With his extensive experience covering various aspects of Web3, Godfrey’s articles have been published in Blockchain.news, Cryptonews, and Coingape, among others.