There is something extremely unique one notices during a cryptocurrency meltdown – the optimistic lot take to social media with their #buythedip sentiment.
According to Santiment, after Bitcoin dipped below the $30,000 mark, its social weighted sentiment reached its lowest position, last witnessed about 12 months back.
According to the daily chart, #buythedip sentiment makes come sense as Bitcoin recently entered its demand zone established earlier this month.
The structured range within which Bitcoin has consolidated over the past month is a strong indicator that the market is possibly reaching another low in the next few weeks.
A strong rejection at $35,000 would possibly confirm another dip, with the next demand zone situated under $24,000.
According to data, BTC active addresses have dropped by 24% since peaking between March-May, and with Ethereum, the active addresses have dropped around 30%.
According to Ki Young-Ju, CEO of CryptoQuant, a Bitcoin bear market might have been confirmed over the last 24-hours.
Hence, investors should be careful before buying this particular dip.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.