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Home Crypto

Crypto Investors Hit Hard as Bearish Trend Grips Bitcoin, Ethereum

Dark Clouds Ahead: Cryptocurrency Investment Dips Amid Rising Negativity in the Market

Max Porter by Max PorterVerified Author
Jun 28, 2024
2 min. read
Crypto Investors Hit Hard as Bearish Trend Grips Bitcoin, Ethereum

Key Points

  • Bearish sentiment in the crypto sector is increasing, affecting Bitcoin and Ethereum’s value.
  • Bitcoin and Ethereum may face a period of consolidation after the selling pressure subsides.

Bearish Sentiment Rising in Crypto Sector

The crypto sector is witnessing a rise in bearish sentiment. This shift in market mood is having a direct impact on the value of Bitcoin (BTC) and Ethereum (ETH).

Bears Take the Lead

Data shows a steep drop in bullish sentiment across various online forums. The number of traders expressing optimism about the market is dwindling. Notably, bearish calls are also decreasing, but not as rapidly.

Investors who were once bullish are now more inclined to sell their holdings. This trend could drive down the prices of Bitcoin and Ethereum, potentially triggering a cascade of panic selling. However, the sharp drop in bullish calls could also signal a capitulation event, where investors are forced to sell because they have lost hope.

After the selling pressure subsides, a period of consolidation may follow, possibly indicating a market bottom for Bitcoin and Ethereum.

Bitcoin and Ethereum Trading Update

Bitcoin was trading at $61,361.69, a 0.67% decrease in the last 24 hours. The MVRV ratio for Bitcoin also declined significantly, indicating a decrease in the profitability for most holders. Additionally, the Long/Short difference of Bitcoin fell, suggesting a decrease in long-term holders compared to short-term holders.

Short-term holders, who are more susceptible to market fluctuations, are flooding the market. If the volatility continues, Bitcoin might face more downward pressure.

Ethereum, which is heavily correlated with Bitcoin, could also face substantial selling pressure. Ethereum was trading at $3,432.61, a 1.37% increase over the last 24 hours. However, like Bitcoin, Ethereum’s MVRV ratio and Long/Short difference also declined, indicating a decrease in profitable addresses and short-term holders.

Tags: Bitcoin (BTC)

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