The Bitcoin price continues its struggle at around $19,000, displaying a monotonous trend for more than a month. While pre-determined upswings did raise the price beyond $20,200, it failed to surpass the pivotal resistance at $20,800. Therefore, the repetitive failed attempts now may have driven the market participants away, and hence it may not be a good sign for the BTC price ahead.
The market sentiments for any asset determine the upcoming move, regardless of the current price trend. While the BTC price is hovering around the same levels without any strong attempt to change the trend, investors tend to look out for other options. Hence, as per the data from Santiment, the market sentiment towards Bitcoin remains negative.
Social data shows a weighed sentiment score of -0.33, while the BTC social media mentions tanked below 20%. This indicates that interest in the asset has dropped at the moment. Moreover, the percentage of addresses holding more than 1000 BTC has remained steady at around 2117 addresses over the past 3 days, following a sharp decline of 26% since the beginning of September.
Additionally, the Bitcoin miner’s reserves have also plateaued at 1.86 million BTC, which has been held for nearly a month now. This inactivity among the miners is mainly due to the huge price sell-off in August.
Collectively, Bitcoin broke all bull market models at the top earlier and is also on track to break all bear market models at the bottom. However, if the traditional markets get worse with rising inflation or an intensifying recession, BTC charts may even worsen. Until then, a consolidated narrow trend may prevail for Bitcoin.