Crypto traders are rapidly growing rapidly on social media on the possibilities of bitcoin of bitcoin, say blockchain analytics platforms Santiments, but an increase in optimism is not always a good sign.
“It is very clear that the crowd is beginning to have saliva at a potential $ 110k+ bitcoin market price,” Santiment Analyst Brian Quinlivan explained cointelegraph.
Bulish bitcoin comments become three-week high
Sentimen data suggests that every recession comment on bitcoin (BTC), now there are 1.51 fast comments – the highest emotion ratio in the last three weeks. The data was drawn from several platforms, including X, Redit, Telegram, 4 Chain, Bitcointock and Fercaster.
While the growing feeling may seem positive, Quinalivan warned that trader optimism led to a similar spike on both June 11 and July 7.
“As we know, prices move in the opposite direction of the expectations of the crowd as the retail consistently loses money from emotional decisions,” he said.
Quinalivan pointed to trading activity on Monday, where a rapid commentary was a coincidence with an upper bitcoin, which hit the local top of $ 109,595, which quickly reached $ 107,681.
“We saw a clear indication that the retail was buying at the growing speed of bitcoin,” he said.
“Light pullback” on the table for bitcoin before a new all-time high
Quinalivan believed that bitcoin would possibly look at a “light pullback”, before it broke through its all -time high of $ 111,970, which it reached on 22 May. Bitcoin is trading at $ 108,791 at the time of publication, 2.84%in the last seven days, in seven days, 2.84%, 2.84%, in the last seven days, 2.84%, According For coinmarketcap data.
Quinalivan also noted that the bitcoin whale wallet – 10 and 10,000 BTCs have shown recent recent activity, indicating caution in the market.
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“For now, these wallets have become somewhat suspicious,” Quinalivan said, Whale has sold 14,140 BTC in the last week.
“When they accumulate, prices often follow the prices closely. When they dump or even stop depositing temporarily, it often indicates that the price of the market in crypto may see some decline.”
However, he emphasized that long -term trend remains rapidly, indicating a six -month stable accumulation by whales and sharks.
Macro headwind lies forward
Javier Rodriguez-Alcon, Chief Commercial Officer of Digital Asset Trading Firm XBTO, told Cointeletgraph that many upcoming incidents could test the flexibility of the overall crypto market in the coming weeks.
While his earlier concerns about the deadline of the US tariff tied up with US President Donald Trump have decreased after the delay on 1 August, Rodriguez-Allankon highlighted other macroeconomic factors that may still affect the price trajectory of bitcoins.
He said that the rate-setting committee of the Federal Reserve may have a wide-release of the market on Wednesday and could lead to the “significant headwinds for risk property”.
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There are no investment advice or recommendations in this article. Each investment and business move include risk, and readers should conduct their own research while taking decisions.
