$BTC
Bitcoin (BTC) and Ethereum (ETH) saw a notable pullback after opening the week with a loss. Retail traders, especially those new to the market, are showing high levels of fear and uncertainty due to unfamiliar market conditions.
Data from Santiment shows that this sentiment is triggering a massive sell-off, putting more pressure on prices. Historically, panic-induced sell-offs have created opportunities for large investors, or whales, to accumulate assets at a discount, potentially preparing for a market recovery.
BTC is currently hovering around $94,156.14, down 2.46% in the past 24 hours. Its 24-hour trading volume remains strong at $61.47 billion, indicating high market participation. BTC's weighted sentiment is very negative, showing widespread FUD (fear, uncertainty, and doubt). However, such sentiment often foreshadows a price rebound.
From a technical perspective, Bitcoin's RSI (Relative Strength Index) is 34.63, close to the oversold zone. This level indicates strong bearish momentum, but suggests that a rebound may occur if buying pressure increases.
MACD (Moving Average Convergence Divergence) shows bearish momentum, with both MACD and the signal line moving downward. However, the smaller histogram suggests that selling pressure may be easing, forming a double-line entanglement, which we have mentioned before, and it is very likely to pave the way for stability.
Another thing is to look at SKDJ, which is also my most commonly used indicator combined with MA moving average. It is very useful. At present, SKDJ is also neutral and forms a golden cross trend near 29. (The above are all four-hour charts)
Let's take a look at ETH, which looks much better than BTC. The data is currently trading at around $3396.8, up 1.00% in the past 24 hours, with a trading volume of $32.89 billion.
Unlike Bitcoin, Ethereum’s RSI is 42.75, which is in neutral to oversold territory. This suggests that Ethereum could be ready for upward momentum if buying pressure persists.
The MACD is showing a bullish crossover, with the MACD line crossing above the signal line. While the histogram suggests that bullish momentum is still not there, these signals suggest a possible recovery phase.#BTC☀ #ETH