{"id":607633,"date":"2024-05-12T12:30:40","date_gmt":"2024-05-12T12:30:40","guid":{"rendered":"https:\/\/uniquehot.com\/?p=607633"},"modified":"2024-06-11T06:59:12","modified_gmt":"2024-06-11T06:59:12","slug":"is-the-bitcoin-bottom-in-buy-the-dip-sentiment-erodes-amid-drop-toward-60000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/is-the-bitcoin-bottom-in-buy-the-dip-sentiment-erodes-amid-drop-toward-60000\/","title":{"rendered":"Is The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000"},"content":{"rendered":"

Bitcoin has <\/span>been sliding down<\/span><\/a> since it reached its all-time high in March. This has largely led to a buy-the-dip sentiment among crypto traders, with many believing the correction would end as soon as it ended and Bitcoin would surge again to new all-time highs.\u00a0<\/span><\/p>\n

Related Reading: Unlocking The Dogecoin Code: One Factor Holds The Key To Its Next Ascent<\/a><\/div>\n

According to crypto analytics platform Santiment, the thrill of scooping up ‘cheap’ Bitcoin appears to be fading as the consolidation <\/span>drags on around<\/span><\/a> the $60,000 price mark. As Santiment noted, this fading buy-the-dip mentality could actually be a signal that Bitcoin is <\/span>nearing a bottom<\/span><\/a>, according to price history.\u00a0<\/span><\/p>\n

Is The Bitcoin Bottom In?<\/b><\/h2>\n

Bitcoin tumbled from $63,000 to $60,000 on Friday, extending its run of range trading in the past few weeks. As noted by Santiment, traders are becoming less enthusiastic about buying the dip according to social media interactions. <\/span><\/p>\n

While this might be worrying for some investors, Bitcoin’s unique price movement over the years has prompted Santiment to note this is generally a good sign that the bottom is nearing.<\/span><\/p>\n

To explain this further, the sentiment usually turns quite negative when Bitcoin crashes from all-time highs. But historically, the point at which “buy the dip” talk on social media starts to fade is often a sign the bottom is near than most people will think. <\/span><\/p>\n

The fading “buy the dip” talk suggests the weak and scared bears have sold and the bulls are starting to position themselves.\u00a0<\/span><\/p>\n

\n

\ud83e\udd14 Traders are showing weak #buythedip<\/a> interest in #Bitcoin<\/a>‘s latest retrace down to as low as $60.2K today. Generally, the crowd’s lack of faith is a strong sign of prices being close to a #bottom<\/a>. Track social interest levels to see if #FUD<\/a> stays high. https:\/\/t.co\/cZjTWcCnL2<\/a> pic.twitter.com\/Nj19XkIdgq<\/a><\/p>\n

\u2014 Santiment (@santimentfeed) May 10, 2024<\/a><\/p><\/blockquote>\n

Unfortunately, there’s no way to know for sure if prices have bottomed out until after the fact. However, key support levels on the Bitcoin chart haven’t broken down and fundamentals haven’t changed. If Bitcoin continues to hold above $60,000, this could signal the bottom is in. <\/span><\/p>\n

<\/p>\n

Bitcoin is now trading at $60.991. Chart: TradingView<\/a><\/pre>\n
BTC Risk Signal Hits Lower High – Woo<\/strong><\/h2>\n
At the same time, the <\/span>bullish Spot Bitcoin ETF narrative<\/span><\/a> driving increasing mainstream adoption is still in place, meaning the crypto could reverse into a full bullish action very soon.<\/span><\/p>\n
Other key factors also point to <\/span>Bitcoin nearing its bottom<\/span><\/a>. As noted by crypto analyst Willy Woo, Bitcoin’s risk signal <\/span>recently printed a lower high<\/span><\/a>, which is a formation that frequently paves the way for a bullish trend.<\/span><\/p>\n
At the time of writing, Bitcoin is trading at $61,000 and is down by 4.2% in the past seven days. Although Bitcoin might have formed its bottom, this lull action could continue into the next few months until the crunching supply of the halving gets factored into its price.\u00a0<\/span><\/p>\n
Related Reading: \u2018Jeo Boden\u2019 Meme Coin Soars 20% After Trump Diss \u2013 Details<\/a><\/div>\n
Remarkably, some new whale addresses are silently accumulating Bitcoins. On-chain <\/span>data <\/span><\/a>from Whale Alerts shows the <\/span>recent movement<\/span><\/a> of 1,999 BTC into new private addresses.<\/span><\/p>\n
Featured image from Pexels, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin has been sliding down since it reached its all-time high in March. This has largely led to a buy-the-dip sentiment among crypto traders, with many believing the correction would end as soon as it ended and Bitcoin would surge again to new all-time highs.\u00a0 Related Reading: Unlocking The Dogecoin Code: One Factor Holds The Key To Its Next Ascent According to crypto analytics platform Santiment, the thrill of scooping up ‘cheap’ Bitcoin appears to be fading as the consolidation drags on around the $60,000 price mark. As Santiment noted, this fading buy-the-dip mentality could actually be a signal that Bitcoin is nearing a bottom, according to price history.\u00a0 Is The Bitcoin Bottom In? Bitcoin tumbled from $63,000 to $60,000 on Friday, extending its run of range trading in the past few weeks. As noted by Santiment, traders are becoming less enthusiastic about buying the dip according to social media interactions. While this might be worrying for some investors, Bitcoin’s unique price movement over the years has prompted Santiment to note this is generally a good sign that the bottom is nearing. To explain this further, the sentiment usually turns quite negative when Bitcoin crashes from all-time highs. But historically, the point at which “buy the dip” talk on social media starts to fade is often a sign the bottom is near than most people will think. The fading “buy the dip” talk suggests the weak and scared bears have sold and the bulls are starting to position themselves.\u00a0 \ud83e\udd14 Traders are showing weak #buythedip interest in #Bitcoin‘s latest retrace down to as low as $60.2K today. Generally, the crowd’s lack of faith is a strong sign of prices being close to a #bottom. Track social interest levels to see if #FUD stays high. https:\/\/t.co\/cZjTWcCnL2 pic.twitter.com\/Nj19XkIdgq \u2014 Santiment (@santimentfeed) May 10, 2024 Unfortunately, there’s no way to know for sure if prices have bottomed out until after the fact. However, key support levels on the Bitcoin chart haven’t broken down and fundamentals haven’t changed. If Bitcoin continues to hold above $60,000, this could signal the bottom is in. Bitcoin is now trading at $60.991. Chart: TradingView BTC Risk Signal Hits Lower High – Woo At the same time, the bullish Spot Bitcoin ETF narrative driving increasing mainstream adoption is still in place, meaning the crypto could reverse into a full bullish action very soon. Other key factors also point to Bitcoin nearing its bottom. As noted by crypto analyst Willy Woo, Bitcoin’s risk signal recently printed a lower high, which is a formation that frequently paves the way for a bullish trend. At the time of writing, Bitcoin is trading at $61,000 and is down by 4.2% in the past seven days. Although Bitcoin might have formed its bottom, this lull action could continue into the next few months until the crunching supply of the halving gets factored into its price.\u00a0 Related Reading: \u2018Jeo Boden\u2019 Meme Coin Soars 20% After Trump Diss \u2013 Details Remarkably, some new whale addresses are silently accumulating Bitcoins. On-chain data from Whale Alerts shows the recent movement of 1,999 BTC into new private addresses. Featured image from Pexels, chart from TradingView<\/p>\n","protected":false},"author":594,"featured_media":607635,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,6664,3505],"class_list":["post-607633","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-crypto","tag-price-analysis"],"acf":[],"yoast_head":"\nIs The Bitcoin Bottom In? Buy The Dip Sentiment Erodes Amid Drop Toward $60,000<\/title>\n<meta name=\"description\" content=\"Bitcoin has been sliding down since it reached its all-time high in March. 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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