Bitcoin has been declining since reaching an all-time high in March, triggering traders' enthusiasm for bargain hunting. Although many expect Bitcoin to recover quickly and hit new highs after the correction, the actual changes in market sentiment may indicate a more complicated situation.

Current State of Bitcoin Market

According to crypto analysis platform Santiment, as Bitcoin prices consolidate around $60,000, the market's enthusiasm for buying low-priced Bitcoin has begun to wane. Santiment pointed out that this waning buying enthusiasm may be a sign that Bitcoin is approaching a market bottom. Historical data shows that a decrease in bargain hunting chatter on social media usually indicates the approach of a market bottom.

Technical Analysis Indicators

The price of Bitcoin has recently fallen from $63,000 to $60,000 and continues to fluctuate in this range. Although traders are showing caution at the current price, market dynamics and technical indicators suggest that we may be approaching a bottom. Specifically, Santiment emphasized that the change in market sentiment and the technical trend of Bitcoin prices indicate that long-term support levels have not been broken despite the current price volatility.

Possibility of Future Trends

Bitcoin's market dynamics and fundamentals suggest that long-term bullish factors remain despite the current market volatility. For example, Bitcoin’s mainstream adoption is increasing, driving demand for bullish spot Bitcoin ETFs. In addition, on-chain data from Whale Alerts shows that new large addresses are actively accumulating Bitcoin, which may lay the foundation for future price increases.

DOGE Market Dynamics

Meanwhile, Dogecoin (DOGE) also showed significant market activity. According to data from IntoTheBlock, the net flow of large holders of Dogecoin showed a significant increase during the observation period, indicating that whales and large investors are actively participating in the market. This strong accumulation activity may indicate that the long-term prospects of Dogecoin remain optimistic despite the overall market correction.

Conclusion

Despite the current market correction faced by Bitcoin and Dogecoin, long-term fundamentals and the behavior of market participants indicate that the future potential trend of both cryptocurrencies remains optimistic. Investors should continue to pay attention to market dynamics and be prepared for possible price changes.