The story wasn’t much different for Bitcoin, with its price still stuck in a consolidation range last week. The sluggishness of the leading cryptocurrency – and the market in general – has continued despite the conclusion of the halving event more than a week ago.
O halving event, which saw mining rewards take a significant cut, was expected to usher in another round of upside for the price of Bitcoin. On the contrary, investors appear to be frustrated with the slow market activity, with many calling for a dump from BTC.
Increased Rate Bitcoin Sell Calls: Blockchain Company
According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for Bitcoin to be sold on social media following its latest drop to $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic.
Santiment has aggregated data on “buy or bull,” “sell or bear,” or mentions related to the top cryptocurrency over the past week. On-chain analysis then highlighted a change in trend, with bearish options looking to drown out the bullish noise on social media.
According to Santiment, Bitcoin’s recent drop to $63,000 resulted in the lowest level of buying and bull calls since April 21 (just before BTC recovered above $67,000). As the graph above shows, the social volume for terms related to “sale” soared after the price drop.
Typically, the rise in bearish mentions of Bitcoin suggests a rising level of FUD (fear, uncertainty, and doubt) among investors. However, when traders seemingly become frustrated and impatient, there is usually a greater probability of a market recovery.
Almost 90% of BTC in circulation is profitable – Impact on price
According to recent data on chain, about 90% of Bitcoin on offer is profitable. On the surface, this basically implies that the most current holders of the main cryptocurrency purchased at a lower price compared to the current price.
However, this profitability level It could also be a sign of overbought, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests that investors could see Bitcoin lose more price gains in the coming weeks.
At the time of this writing, Bitcoin is valued at $63,077, reflecting a 2% price drop over the past 24 hours.