Why The Crypto Market Looks Unhealthy With Bitcoin At $21K, Expert Says
2022年8月24日 - 5:51AM
NEWSBTC
Bitcoin and the crypto market continued to move sideways over the
past week after recording important losses during the weekend.
Despite the short-term bearish price action, there seems to be more
appetite for risk in the sector as market participants allocate
more capital to altcoins. Related Reading: Bitcoin Realized Losses
Going Down, But Still At Significant Value At the time of writing,
Bitcoin (BTC) trades at $21,500 with a 2% profit over the past 24
hours and an 11% profit over the past 7 days. The Bitcoin Dominance
(BTC.D), an indicator used to measure the percentage of the crypto
market’s total market cap comprised of BTC, has been trending
downwards as altcoins take off yearly lows. As seen below, this
metric has seen an important loss since July 2022 and was moving
sideways across August only to resume bearish momentum over the
past week. The metric often trends to the downside when the altcoin
sector is about to or is experiencing bullish momentum. Data from
research firm Sentiment record a spike in Bitcoin transactions
settling at a loss as traders turn into altcoins. As seen below,
the BTC Ration of On-Chain transactions, a metric used to measure
the number of transactions in profit versus those in losses, has
followed Bitcoin’s dominance indicator and could be on the verge of
further downside pressure. Santiment noted: Bitcoin has slumped
since briefly jumping back above $25k on Aug 14th. As traders have
turned their attention to Ethereum and altcoins, $BTC transactions
are mostly happening at a loss. This is the lowest ratio of profit
taking we’ve seen on record. Santiment has noticed that Bitcoin is
lagging in other areas, while Ethereum outperforms. The second
cryptocurrency by market cap still trades at a critical area and
records a 5% profit in the past 24 hours. Ethereum is probably
positively responding to the expectation around “The Merge”, the
event that will complete its transition from a proof-of-work (PoW)
consensus to a proof-of-stake (PoS) consensus. As Bitcoin Lags,
Ethereum Shows Bearish Signs Ahead Of “The Merge” Santiment claims
Ethereum has displayed a high correlation with the world’s biggest
financial indexes, the S&P 500 and the Nasdaq 100. This only
highlights the hype around “The Merge”, as many see it as an
important moment in the history of Ethereum and the first milestone
into a road full of improvements. As this major event approaches,
there is a higher possibility of a “buy the rumor, sell the news”
price action. In other words, Bitcoin could continue to lag
Ethereum’s price until “The Merge” when the price could see an
increase in selling pressure. This often happens with highly
expected crypto events. Analyst Justin Bennett showed the “Head and
Shoulders” pattern below that could provide a potential trajectory
for ETH’s price for the short term. You’ll want to keep an eye on
this potential head and shoulders for $ETH. The measured objective
(if confirmed) lines up with $1k support. Confirmation below
$1,500.#Ethereum pic.twitter.com/voioPizlhX — Justin Bennett
(@JustinBennettFX) August 23, 2022 Related Reading: Litecoin
(LTC) Activates Tortoise Movement, Can It Flip Daily 50 EMA?
Bennett added the following on the current market conditions and
why traders must exercise patience and caution: Most will get faked
out at least once chasing what they believe to be the bottom. By
the time markets actually bottom, those investors will be lucky if
they have 50% of their capital left. It’s never as easy as it
looks.
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