Bitcoin Hits $95.5K As Dip-Buying Sentiment Soars To 8-Month High
The post Bitcoin Hits $95.5K As Dip-Buying Sentiment Soars To 8-Month High appeared on BitcoinEthereumNews.com.
Bitcoin’s price tumbled to $95.5K today, sparking a surge in dip-buying discussions across crypto communities. According to recent data, this level of enthusiasm hasn’t been seen since August 4th, during a major market crash. Since that crash, Bitcoin’s market cap has climbed by 81%, underscoring the potential for recovery following sharp declines. 💸 With Bitcoin falling as low as $95.5K today, the ratio of crypto discussions that are about buying crypto’s dip has reached its highest level in over 8 months. The last time we saw the crowd nearly this enthusiastic about dip buying was the major crash on August 4th. Since… pic.twitter.com/39NlpnGMCs — Santiment (@santimentfeed) December 20, 2024 However, despite Bitcoin reaching an all-time high just three days ago, average wallet returns (30-day MVRV) have dropped to -1.9%. This marks the lowest level of returns since the bull rally began on October 10th. The data suggests that many traders bought during the peak of market euphoria, leaving their positions underwater as the price corrected. Historically, Bitcoin’s 30-day MVRV averages around 0% due to the zero-sum nature of markets. Negative MVRV readings can signal potential buying opportunities, as they indicate a majority of recent traders are at a loss. While this doesn’t guarantee the current price is the local bottom, employing a dollar-cost averaging (DCA) strategy during such dips has historically benefited portfolios over time. 📊 When looking to buy low (or sell high), don’t just look at prices… Look at how competing traders have performed. Bitcoin’s average returns (based on wallets making at least 1 transfer in the past 30 days) have a -1.9% return, despite BTC’s all-time high happening just over 3… pic.twitter.com/vAXZMFCmjt — Santiment (@santimentfeed) December 20, 2024 Adding to the volatility, $9.4 billion worth of Bitcoin left exchanges in 2024, largely driven by the success of…
Filed under: News - @ December 21, 2024 1:24 pm