when is the price Bitcoin (BTC) Breaking through the $30,000 mark, it can be clearly seen that the market doubts the price of the “King of Coin Village”. Santiment data shows that the Fear, Uncertainty and Doubt (FUD) indicator surrounding Bitcoin has amplified in recent days.
FOMO and Phobias
When the BTC price was $28,000, many addresses experienced FOMO (fear of missing out) due to increased optimism. However, when the price reached $30,000, uncertainty surrounding the “King Coin” began to surface.
Santiment data show Historically, high FUD has preceded uptrends in BTC as the market has tended to move in the opposite direction to what the crowd expected.
However, whales seem to be affected by the FUD surrounding the market. According to data provided by Glassnode, the number of addresses holding more than 10 BTC has dropped to a new one-month low at press time.
Now, with the amount Profitable Bitcoin Addresses increase, the incentive to sell their holdings also increases.
On the other hand, enthusiasm for Bitcoin serial numbers and inscriptions also appears to be waning. Dune Analytics data shows that the fees generated by Bitcoin Ordinals have dropped significantly.
Source: Dune Analysis
Bitcoin’s velocity has weakened recently, indicating a decrease in the frequency of BTC transactions. In addition, Bitcoin transaction volume also decreased from 55.82 billion to 18.58 billion.
Despite these factors, traders have not been discouraged and are holding on to long Bitcoin positions. At the time of writing, bulls allegedly hold 51.3% of all Bitcoin positions Coinglass data.
It remains to be seen whether traders’ optimism will pay off in the long run, or if the FUD surrounding BTC will give bears the upper hand.
- Bitcoin stabilized above $30,000 as Wall Street meandered as the U.S. released March PPI data.
- Bitcoin is just starting to re-accumulate, but short-term holders are missing a good entry point – what’s the next price target?
According to Ambcrypto