Santiment indicated signs of cryptocurrency market restoration. The fall in the interest of retail investors and, conversely, the purchases of whales – historically precede the growth of courses, say in an analytical company, reports RBC Crypto.
Over the past 10 days, the number of cryptocurns with a balance of more than 10 bitcoins has increased by 231 pieces, and the number of wallets with a balance of less than 10 bitcoins has decreased by 37 thousand, said Brian Kuinlvan marketing director.
“When large players accumulate, and retail investors lose confidence, this is a historically signal to return the bull impulse to the market,” the analyst wrote.
On June 20, Bitcoin ranged about $ 106 thousand almost a month ago, on May 22, the coin set a historical record about $ 112 thousand, and at the moment it is traded 5.5% lower than the maximum.
Due to a small lull in the crypto, traders demonstrate signs of impatience and bear mood, Kuinlivan also noted. According to him, the ratio of bear and bull comments on the network is 1: 1.03, which has not been since the beginning of April, when retail investors began the sales of cryptocurrencies against the background of news about trading duties.
Usually this is a sign of the bull market, since the markets are historically moving in the direction of the opposite expectations of retail traders, the analyst writes. He called a striking example that the beginning of April, when the traders experienced fear, turned out to be the best time for buying.
On April 2, Bitcoin responded to the message of US President Donald Trump on the introduction of duties. The coin in a few hours fell in price by 6%, from $ 87.7 thousand to $ 82.2 thousand. By April 7, Bitcoin dropped below $ 75 thousand, but then its rate went up.
On June 20, the fear index and greed in the crypto is at a mark of 54 points out of 100. This is a neutral zone, when bulls and bears have almost equal strength. Earlier this month, the mood for the most part was in the “greed” zone, a decrease in the index suggests that interest in purchases has decreased, and grew in sales.
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Source: Cryptocurrency
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