Bitcoin Crash: Here’s What The Data Says About Buying The Dip
2024年7月10日 - 2:00AM
NEWSBTC
The on-chain analytics platform Santiment has provided useful
insights for investors considering buying the Bitcoin dip. The
platform suggested that the worst might not be over as the flagship
crypto could still experience further dips from its current price
range. To Buy Or Not To Buy The Bitcoin Dip? In an X
(formerly Twitter) post, Santiment mentioned to those considering
buying the dip that market participants also anticipate a rebound.
They added that these dramatic dips, like the one Bitcoin recently
experienced, are usually met with FUD (Fear, Uncertainty, and
Doubt). Related Reading: XRP Price: Crypto Analyst Identifies
‘Point Of Control’ That Could See A Repeat Of 2017 This suggests
that those looking to buy the Bitcoin dip may have to be careful as
Bitcoin could dip further due to those waiting to offload their
holdings out of panic once the flagship crypto recovers. Regarding
FUD, there have also been calls that Bitcoin could still drop to
the $40,000 range. As such, such statements could prove bearish for
Bitcoin’s price, causing it to further decline. Meanwhile,
Santiment noted that Bitcoin usually recovers from such dramatic
dips after the average trader has given up hope on crypto. Crypto
analyst CrediBULL Crypto also had some words for those looking to
buy the dip at Bitcoin’s current price range. He mentioned in an X
post that anyone looking to buy at these current price levels must
be okay with being “underwater” for a while. He added that
anyone uncomfortable with being underwater for a while should wait
until some positive price action develops. He noted that this
positive price action could ideally come in the “form of a major
liquidation flush (open interest reset) or some LTF impulsive price
action.” The crypto analyst also addressed spot Bitcoin
buyers. He assured them that they need not worry about this current
price range, claiming that Bitcoin could drop lower on the higher
time frame (HTF) without invalidating the HTF bullish structure.
Based on Bitcoin’s bullish structure, he mentioned that the price
correction following this downtrend will send the flagship crypto
to $100,000. Institutional Investors Are Buying The Dip
Recent data from Farside investors shows that institutional
investors are buying the Bitcoin dip. On July 8, the Spot Bitcoin
ETFs recorded total net inflows of $294.8 million. BlackRock’s
IBIT, Fidelity’s FBTC, and Grayscale’s GBTC all recorded impressive
net inflows of $187.2 million, $61.5 million, and $25.1 million,
respectively. Related Reading: Finance CEO Raoul Pal Says
Crypto Will Reach $100 Trillion Market Cap – Here’s When These Spot
Bitcoin ETFs also recorded net inflows of $143 million on July 5,
which marked a turnaround considering that they had experienced two
consecutive days of outflows before then. These inflows into
Bitcoin have contributed to the recent price rebound that the
flagship crypto has witnessed. At the time of writing,
Bitcoin is trading at around $57,100, up over 2% in the last 24
hours, according to data from CoinMarketCap. Featured image
created with Dall.E, chart from Tradingview.com
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