The world’s largest cryptocurrency Bitcoin (BTC) continues to face some selling pressure and has corrected under $63,000 dropping another 2% in the last 24 hours. On-chain data shows that Bitcoin investors are losing patience as buy calls take a dip while sell calls are on the rise.

Bitcoin Sell Calls Jump

Bitcoin’s price plummeted under $63K, igniting apprehension among cryptocurrency traders as social media buzzes with diminished buy calls and increased sell recommendations. Such signs of fear, uncertainty, and doubt (FUD) creeping into the market often signal heightened probabilities of a recovery.

Courtesy: Santiment

The percentage of cryptocurrency supply currently in profit is gauged by analyzing the acquisition price of each unit against its present value, thereby determining the proportion of the supply currently in a profitable state.

Traditionally, a high ratio of supply in profit suggests that most holders purchased the asset at lower prices. During bull markets, reminiscent of the crypto surge observed from October 2023 to March 2024, these ratios tend to soar, often aligning with indicators of overbought conditions.

Courtesy: Santiment

This week witnessed a significant compression in BTC volatility, dropping from 70% to 50%. Looking ahead, there’s a potentially positive catalyst on the horizon as the Hong Kong Bitcoin (BTC) and Ethereum (ETH) spot exchange-traded funds (ETFs) are set to commence trading next week. This development is sparking interest as it could serve as a gateway for the influx of institutional capital from Asia.

Post-Halving Corrections Underway?

The Bitcoin price has been under some selling pressure with one week passing after the Bitcoin halving event. Examination indicates that Bitcoin holder groups employ unique strategies. “Crypto whales,” who possess between 1,000 and 10,000 BTC, typically initiate selling early in price surges, securing profits without causing significant market turbulence. Conversely, smaller holders with 0.01 to 10 BTC frequently maintain or even increase their holdings, even after market peaks.

Mid-sized holders, overseeing 100 to 1,000 BTC, demonstrate a strategic approach to buying and selling, often anticipating market corrections. These holders react promptly to shifting conditions, exhibiting sophisticated and deliberate investment tactics.

The post Bitcoin ‘Sell’ Calls on the Rise Amid Trader FUD and Impatience, What’s Next? appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am