Down in recent days, Bitcoin is facing an intense slowdown in its exchange-related on-chain activities amid negative crowd sentiment.

Currently, the largest cryptocurrency on the market, Bitcoin, is experiencing a slowdown in on-chain activities related to cryptocurrency exchanges. According to market analysis specialist, Ali Martinez, this move indicates a decrease in investor interest in Bitcoin, in addition to a reduction in the use of the network.

As the Santiment platform highlighted in a recent analysis, the crowd is mostly scared or uninterested in Bitcoin as prices were ranging between $65,000 and $66,000. This prolonged level of FUD is rare as traders continue to capitulate. BTC trader fatigue combined with whale accumulation often leads to bounces that reward the patient.”

Bitcoin (BTC) has seen significant drops in recent days, entering the US$63,000 zone today, with a strong drop in the last 24 hours. At the time of publication, the price of Bitcoin was quoted at US$64,089.08, down 1.3% in the last 24 hours.

Bitcoin downtrend

Analytics platform IntoTheBlock noted that Bitcoin is currently in a downtrend, warning investors to pay attention to the price range between $61,900 to $63,800.

“Bitcoin continues to trend lower, currently hovering just above a critical demand zone. Keep an eye on the 61.9k to 63.8k range for potential support,” he wrote.

Amid this strong Bitcoin downtrend, currently, almost 90% of holders of the largest cryptocurrency are making profits. “Bitcoin remains dominant, with more than 89% of its holders profiting. Ethereum is close behind, showing strong performance. The introduction of an Ethereum ETF could be the boost needed to reach new highs,” the data revealed.


The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.


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