This has become the talk of the town as the Bitcoin bulls remain silent without making an effort to lift the prices close to $30,000. Meanwhile, the top altcoins like Ethereum, Cardano, XRP, Litecoin, etc. are also facing acute selling pressure. Now that the BTC price has been hovering between $28,000 and $32,000 for over 4 months, the altcoins are compelled to maintain their stagnant behavior.
While the market participants appear to have irked with the BTC’s sideways trend as the sentiments are slowly turning against the star crypto, As per the data from a popular on-chain platform, Santiment, the bearish sentiment among traders is slowly rising.
Although the social volume for buy, or buying or bought or bullish or bottom, is higher, the volume for sell, or selling or sold or bearish or top, is also gearing up. This indicates rising bearish sentiment among market participants, which may not be good for a healthy Bitcoin rally ahead. However, the traders are slowly becoming optimistic as the new address count for Bitcoin gears up.
The number of new daily BTC addresses is trending up, which suggests the network is growing again. This can be considered a bullish signal as it implies an uptick in network utilization. The growing adoption and attention for Star Crypto may further trigger a fresh wave of confidence among market participants. Hence maintaining a notable upswing in the coming days ahead.
Source: https://coinpedia.org/price-analysis/bitcoin-price-is-plunging-down-crypto-markets-continue-to-consolidate-can-a-bullish-reversal-be-triggered/