Bitcoin fell sharply in early trading today (4th), falling from US$60,000 to US$58,000 in just half an hour. It even touched US$57,893.30 on the OKX exchange. Although there was a low pressure in the market, the army of retail investors still wanted to take advantage of the opportunity. Get a bargain.
Data on the chain shows that as Bitcoin fluctuates violently, the whale wallet starting with "3G98j" deposited 1,800 Bitcoins to Binance, worth approximately US$108 million, which is regarded as a precursor to "selling currency to cash out." Over the past week, the wallet has transferred a total of 5,281 Bitcoins to Binance, worth approximately $323 million.
Although the market suffered heavy selling pressure, the response of retail investors was extremely optimistic. The cryptocurrency analysis platform Santiment found that "after Bitcoin fell below $60,000, retail investors' bargaining sentiment quickly increased." Santiment explained:
People seemed to view this dip as a great opportunity to "add to their buying." Ideally, we should wait for their enthusiasm to subside. The real time to buy is when they get impatient and suspicious.
The chart above shows that as Bitcoin continued to fall in the past two days, the number of times netizens mentioned "Buy the dip" on major social platforms doubled.
In this regard, anonymous cryptocurrency analyst Cold Blooded Shiller also expressed a similar view and reminded investors to remain cautious and wait for positive signals from the market before taking action. He posted on social media that:
The current "downward trend" in the cryptocurrency market is quite obvious. It's important to go with the flow, but that doesn't mean you have to rush into trading.
〈Don’t be afraid of Bitcoin retracement! Analysts: After BTC fell below $60,000, retail investors’ bargaining sentiment surged> This article was first published on "Block Guest".
