The short-term picture of almost all the cryptocurrencies look reddish and the last 24-hour picture for almost all the cryptocurrencies is also reddish. The total market capital at 11:14 AM UTC stands at $258.771 billion which is decreasing rapidly. Although the number of cryptocurrency markets has increased, it has not reflected in the market’s capital. The Bitcoin dominance has also come down to 44.6% which was previously above 45%. Despite an expectation for a bullish breakout, the market price of almost all the coins is depleting very fast.
Our sentiment analysis section is comprised of market sentiments from all the around the world including the opinions of experts. For this very purpose, a group of investors, miners, journalists, skeptics, and influencers were interviewed for expert advice on the current market trends and sentiments and they are included in our segment called sentiment analysis. In today’s analysis, we will be concentrating on the cryptocurrency king, Bitcoin [BTC].
Bitcoin was trading above $7000 today and it even peaked at $7174 at 2:39 AM UST but soon after that, it dropped drastically and now at 11:39 AM UST it is trading at $6786. There was a major support which was formed at $7000 and experts were of the opinion that it would test the double bottom neckline. They had also said that the bulls will take hold of Bitcoin which ultimately was a bull trap after all. The coin market capital for Bitcoin currently is $115.131 billion. Analysts say that Bitcoin will not be on top of the cryptocurrency world if this trend is not broken soon and people have already begun to doubt Bitcoin’s future potential.
Neil Robinson, a market analyst from Wellington says:
“I had smelled something fishy about Bitcoin and I had predicted a fall of 3.85% in its prices. I had spotted this weakness as it advanced with bearish divergence at resistance level of $7144 and it was expected to fall to $6833 within one day. But the fall was quicker than I had anticipated.”
Fredrick Nelson, an altcoin enthusiast from Dimona says:
“Bitcoin was expected to go long looking at the bullish trend and there was a bat formation which would have taken it long. But this trend was broken by the coin. After Bitcoin’s prices did not fall at the death cross, we had actually expected it to moon but unfortunately the bears have taken over.”
Timothy Williams, an investor from Pittsburgh says:
“What Bitcoin did was a bull show in a bear circus. But folks remember the king will not let of its throne so easily and it will reclaim it. After hitting a $6618 swing low which will happen momentarily, it will go up to $6990 again. So fret not folks and HODL your Bitcoins. It will jump back up soon.”
To conclude, 61% of Bitcoin respondents were feeling bearish and they told us that it was expected to happen. They are worried about the long-term trend of the coin which most of them are bearish about. However, the rest of them which is 39% of the Bitcoin respondents are only focusing on the short-term picture which shows, although not bullish, but a non-volatile picture.
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