- Santiment tweeted that Bitcoin traders are currently transacting at a loss.
- The tweet shared that FOMO traders have given up on BTCâs rally.
- At press time, the crypto market leaderâs price is down 0.33%.
The blockchain analytics firm, Santiment (@santimentfeed), tweeted yesterday that Bitcoin (BTC) traders are currently transacting at a loss at twice the rate of profit. According to the tweet, this is the first time this ratio has been negative in 5 weeks. The analytics platform added that this is actually a positive sign that âFOMOâersâ are giving up on the rally.
At press time, CoinMarketCap shows that BTCâs price printed a 0.33% loss in the past 24 hours. This has brought down BTCâs weekly price performance to +0.49% presently. As a result, BTCâs price is trading at $27,937.95.
Despite the 24-hour drop in BTCâs price, the market leaderâs dominance was able to increase during the same time period. At press time, BTCâs dominance in the market is estimated to be 45.83%, which is a 0.17% increase compared to yesterday.
BTCâs price is currently trading within the consolidation zone between $26,552.21 and $28,159.32. In addition, the cryptoâs price is being squeezed between the 9-day EMA line and the upper bound of this consolidation channel.
This squeeze will either result in BTCâs price entering into a steep rally in the next 24-48 hours and overcoming the $26,552.21 resistance level, or in BTCâs price declining towards the lower bound of the current price channel in the upcoming days.
It seems that the latter may play out as BTCâs price is currently trading below the 9-day EMA line. If BTCâs price closes todayâs trading session below this EMA line then the market leaderâs price may drop to the minor support level at $27,355.77 in the next 48 hours before dropping down to $26,552.21.
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