Bitcoin and Ethereum Correction: Buying Opportunity?

• Bitcoin’s extreme FUD signals a potential rebound as whales accumulate assets.
• Ethereum’s neutral RSI suggests upward momentum if buying pressure increases.
• Panic selling creates opportunities for larger investors to accumulate at discounts.

The cryptocurrency market opened the week with losses, as Bitcoin (BTC) and Ethereum (ETH) saw notable corrections. Retail traders, particularly those new to the market, are showing heightened fear and uncertainty due to unfamiliar market conditions.

Data from Santiment shows this sentiment is causing significant sell-offs, putting more pressure on prices. Historically, panic-induced sales have made opportunities for larger investors, or whales to accumulate assets at discounted prices, potentially preparing the stage for a market recovery.

Bitcoin’s Sentiment and Price Analysis: A Possible Rebound?

Bitcoin’s current price hovers at $93,241.66, reflecting a 2.46% drop in the past 24 hours. Its 24-hour trading volume remains strong at $61.47 billion, showing active market participation. The weighted sentiment for BTC is very negative, showing widespread FUD (fear, uncertainty, and doubt). However, such sentiment has often signaled price rebounds.

Looking at the technicals, Bitcoin’s RSI (Relative Strength Index) is at 34.63, close to the oversold zone. This level indicates bearish momentum but hints at a possible rebound if buying pressure increases.

Also, the MACD (Moving Average Convergence Divergence) shows bearish momentum, with both the MACD and signal lines moving downward. Still, a smaller histogram suggests that sales pressure may be easing, potentially making way for stabilization.

Read also: XRP vs. BTC, ETH, USDT: Price Rockets, But Where’s the Adoption Love?

Ethereum’s Price: Early Signs of a Comeback?

Ethereum, trading at $3,335.98, has gained 1.00% over the last 24 hours with a trading volume of $32.89 billion. 

Unlike Bitcoin, Ethereum’s RSI stands at 42.75, putting it in a neutral-to-oversold zone. This suggests ETH may be ready for upward momentum if buying pressure holds.

Further, the MACD shows a bullish crossover, with the MACD line crossing above the signal line. While the histogram indicates that bullish momentum is still new, these signals point to a potential recovery phase.