Santiment explained the necessary factor for the continuation of the rise in the cryptocurrency market.
On-chain analysis platform Santiment focused on the current situation of the cryptocurrency market in its post dated May 3. Stating that the US non-farm employment data announced on Friday accelerated the rise of cryptocurrencies, analysts emphasized that the market should be free of FOMO for this momentum to continue.
Santiment team stated that short positions had a significant impact on Bitcoin's sudden return from 58 thousand dollars to 64 thousand dollars. They pointed out that investors took long positions again.
It was pointed out that a long-term upward trend may not be sustainable in a market condition where long-directed transactions are mostly dominant, and it was emphasized that funding data should be closely monitored.
It was emphasized that in order to ensure a sustainable response, purchasing in the spot market should increase and FOMO should calm down:
Bitcoin rebounded on Friday, increasing its market value by 5.4%. The community observed a complete transformation in Binance transactions. After this increase, short positions were switched to long positions. We don't want FOMO to get any higher than it is now because we think that could make it harder for the rally to be sustainable.
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