The level of bullish sentiment in X, Reddit, Telegram, 4Chan and BitcoinTalk has decreased significantly, and traders have lost confidence in the markets, which can be regarded as one of the factors of the local bottom. This was stated in the Sentiment.
š± The level of bullish calls across X, Reddit, Telegram, 4Chan, and BitcoinTalk has dropped significantly as traders have lost confidence in markets. Bearish calls have slipped, but much less rapidly. We interpret this as crowd fear and indifference, a potential bottom signal. pic.twitter.com/9R2VwPciwQ
ā Santiment (@santimentfeed) June 28, 2024"Bearish calls have decreased, but rather slowly. We interpret this as the fear and indifference of the crowd ā a potential signal of the lower limit," the analysts noted.
According to experts, in April, before halving, the mood of traders was the most optimistic. However, over the past three months, the bullish narrative has weakened due to bitcoin's inability to reach a new historical high (ATH).
Bearish calls also slowly declined, which rather indicates the fading interest of the market. At the same time, the number of conversations about holding cryptocurrencies has increased slightly, according to information from Santiment.
Historically, each four-year halving cycle resulted in a new ATH for the first cryptocurrency. But the price did not rise immediately after the reward for miners was halved, but only a few months later. During this period, the market was in the "sideways".
https://forklog.com/news/pochemu-ne-rastem-eksperty-obyasnili-posthalvingovuyu-dinamikuA different view of the market
Analyst Willy Wu noted the increased frequency of speculation around digital gold.
Nice to see some of the speculation getting purged the last few days.
Still a bit heavy, still too much speculation.
Bears still in control, but #Bitcoin got so oversold in the liquidations that it's really hard to go lower without an uptick. pic.twitter.com/EJeqmaLe0Z
"The bears are still in control, but bitcoin has been so oversold during the [recent] liquidation, so it's really hard to go lower without growth," he noted.
In his opinion, now "a reversal is being played out", and "the hidden bearish divergence is still in force and has not yet been invalidated." The analyst also stressed that breaking the RSI resistance line on the daily bitcoin chart will create a "technical, but not fundamental recovery."
A break of this RSI trendline will create a technical recovery.
Note I said technical, not fundamental.
The markets would correct for overselling, doesn't mean fundamental BTC demand and supply warrants further bullish action. pic.twitter.com/vwwkAPcid5
"The markets will correct the oversold, but this does not mean that the fundamental supply and demand of the first cryptocurrency guarantees further bullish actions," Wu warned.
He also expects the hashing rate on the bitcoin network to rise, which is the main sign of the cessation of sales by miners to improve equipment.
This would likely be the case for #Bitcoin.
Preferably we sweep the $60K area where a bullish divergence kicks in.
Reversal coming from next week with the impending Ethereum ETF listing. pic.twitter.com/f3RlCzW2gv
Analyst and founder of MN Trading Michael van de Poppe suggested that bitcoin will fall into the $60,000 zone, where the predominance of bulls begins. According to his forecasts, the reversal will happen "next week with the upcoming listing of the Ethereum-ETF."
At the time of writing, the first cryptocurrency is trading around the $61,400 mark, having decreased by 4.5% over the week.
The 15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.On June 24, bitcoin failed the $60,000 level after the statement of the trustee of the collapsed Mt.Gox exchange about plans to start compensation payments in July.
Recall, an analyst at On-Chain Collage reported that the Mayer Multiple indicator reached an eight-month low, providing a "healthy reset" of bullish sentiment and pointing to a potential bitcoin bottom.
Earlier, CryptoQuant noted signs of a potential local minimum for the first cryptocurrency after a 15% correction and a subsequent rebound from $60,000.
Several experts have noticed a bullish mood in the crypto derivatives market. As of June 28, when weekly, monthly and quarterly positions on bitcoin options expire, the put/call ratio of options is 0.51, which indicates the optimism of traders.