Is Bitcoin price optimism fading after the crypto market’s rocky April? - BitcoinEthereumNews.com
However, this doesn‘t necessarily mean that Bitcoin will exhibit further declines. Suppose cryptocurrencies continue to mimic equity price movement and not the other way around. In that case, many speculate that although the S&P 500 has been dropping lately, rate hike fears would likely have been baked in ahead of the Fed’s scheduled meeting. Bitcoin whales purge, Tether whales surge There are two go-to whale tiers crypto data platform Santiment consistently looks at to analyze full-market future price movement: Supply held by addresses with 100 to 10,000 BTC and supply held by addresses with 100,000 to 10,000,000 Tether (USDT). Over the past two months, BTC whales from this key group have dropped 0.6% of their holdings. Meanwhile, the key USDT group has actually added 1.8% of the top stablecoins supply. Traders fooled on dip buy opportunity Santiment has found a reliable trend of the mainstream crowd being incorrect the vast majority of the time when they believe in a price event happening too uniformly. Even with the “buy the dip” narrative in full tilt, the chart below shows that prices didnt bounce as traders hoped. Ironically, it is often when the crowd abandons any inclination to spot the bottom that prices do begin to recover. Ether