Crypto market-intelligence platform Santiment says that a gloomy reaction to Bitcoin (BTC) falling below $30,000 to start the week is necessary for a rebound.
Santiment says that the purging of traders and investors who exit the market at the first sign of plummeting prices usually leads to a “truly notable bounce” afterward.
“With Bitcoin now having retraced all the way down to $33,900, trader sentiment has fallen to six week lows. We typically prefer to see capitulation signs like this, as weak hands leaving the space is generally what is needed for a truly notable bounce.”
Source: Santiment/TwitterBitcoin is trading for $31,313 at time of writing.
In the case of Ethereum (ETH), the cryptocurrency market-intelligence platform says that a sign of a bottom is close came on Friday when the ratio of profitable to losing transactions plunged to a 42-month low.
“On the Ethereum network, there were about 3.4 times as many transactions taken while coins were at a loss compared to in profit, on Friday. This was the highest day, in terms of ETH’s capitulation trading ratio since Nov 18, 2018, or 3.5 years ago.”
Source: Santiment/TwitterEthereum is trading for $2,319 at time of writing, down nearly 7% in the past day.
Santiment also looks at Chainlink (LINK), a decentralized network that provides off-chain data to the smart contracts of various blockchains.
According to the crypto market
