Analysts at market intelligence platform Santiment recently noted that trading volume levels in the cryptocurrency market are low, suggesting that traders are currently in an indecisive trading sentiment cycle.
Analysts have also noted that members of the community who maintain that the market is in a bull cycle are increasingly silent, while there is a large portion of traders who do not want to move their assets due to fear of missing out on a relief rally.
“Cryptocurrency trading volume levels were so low during the last week of January, and it appears traders have entered a cycle of indecisive trading sentiment. Calls to buy the dip have fallen considerably, and those who maintain that crypto is in a bull cycle have become even more silent. At the same time, there still appears to be a large contingency of traders who do not want to move their assets for fear of missing out on a relief rally,” he wrote.
According to the analysis, as a result of all these mentioned factors, Bitcoin has seen a drop in its trading volume of 60-65% since its big trading week at the end of February. “There are many factors that could signal a turnaround, but watch out for an increase in volume as a potential turnaround signal for a market-wide recovery as we head into May,” he added.
📉 #Cryptocurrency trading volume levels were last this low during the final week of January, and it appears that traders have entered into an indecisive sentiment cycle for trading.
The calls to #buythedip have fallen considerably, and those maintaining that #crypto is in a… pic.twitter.com/c9ZGydmvuY
— Santiment (@santimentfeed) April 30, 2024
Bitcoin price fell below the $62,000 support zone recently. BTC found support near the key $61,800 zone. At the time of publication, the price of Bitcoin was quoted at US$60,847.97, down 3.0% in the last 24 hours.
Bull market is over? Peter Brandt shares prediction
Peter Brandt, veteran chart analyst and CEO of Factor LLC, expressed his concerns about Bitcoin (BTC). In a recent report, the cryptocurrency expert suggested that the largest cryptocurrency’s bullish trajectory may have come to an end.
According to information from Coindesk, when analyzing the current scenario Brandt highlighted that the Bitcoin bull market may have reached its peak. “Bitcoin has historically traded within a roughly 4-year bull/bear cycle, often associated with halving events. There have been three major bull market cycles since the initial bull cycle and each cycle was 80% less powerful than its predecessor in terms of the price multiple earned,” he said.
Disclaimer:
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 in or trading cryptocurrencies carries a risk of financial loss.
Source: https://portalcripto.com.br/volume-de-negociacao-de-criptomoedas-apresenta-niveis-baixos-enquanto-comerciantes-parecem-indecisos/
