A rise in negative sentiment for Bitcoin (BTC) and the cryptocurrency market as a whole has increased the likelihood that the 2023 bull market will continue, according to a leading analytics firm.
santimento To tell Many traders firmly believe that prices will fall this month. Too many people believe the market will be one-way, and often surprises await.
Santiment points to particularly negative sentiment on Ethereum (ETH), Binance Coin (BNB), XRP, Cardano (ADA), Dogecoin (DOGE), and Solana (SOL).
“Trader skepticism makes the price more likely to move higher.
Prices will generally move in what the crowd thinks is the least likely.”
Santiment also finds strength in Bitcoin fundamentals.office To tell The existing supply of BTC is steadily moving towards self-management.
This means that traders continue to move their bitcoin from exchanges in large numbers, choosing to keep the cryptocurrency to themselves rather than relying on exchanges for custody.
“There is currently $416.5 billion in BTC off exchanges and $29.2 billion in BTC on exchanges.
That is 14.26 times more than off-exchange coins and on-exchange coins. “
Bitcoin is worth $22,970 at the time of writing.
The top-ranked crypto asset by market capitalization is down 1.39% over the past 24 hours and more than 3% over the past 7 days.
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