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Crypto analytics firm Santiment claims that the recent Bitcoin (BTC) contain mixed signals that could be of concern on the price charts.

According to a new post, the market intelligence firm suggests that the rise of wallets that hold between 100 and 10,000 Bitcoins is a bullish indicator from wealthy investors.

“The number of Bitcoin addresses holding between 100 and 10,000 BTC ($2.3 million to $233 million) reached its highest amount since June 11.

We view this level of large addresses as the confidence of large active holders, and this increase is encouraging. »

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Source: Song/Twitter

Afterwards offers a counterbalance, noting that the recent increase in profit taking by Bitcoin holders could lead to lower prices. The firm also notes that Ethereum (ETH) the volume of sales, on the other hand, returned to moderate levels.

“Bitcoin remains relatively stable at $23,400, but its trading profit/loss ratio is climbing to ‘yellow flag’ levels.

Meanwhile, Ethereum is finally producing a much safer ratio this week after some very strong profit taking in early August.

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Source: Song/Twitter

At the time of writing, Bitcoin is down less than one percent and trading for $23,173.

Healing too points to social media chatter leading up to Ethereum’s mid-September transition to a proof-of-stake mechanism as a historical marker for short-term price spikes.

“The ETH merger talk naturally escalated, and August 11 was when this topic really came to a head after a date was announced.

Throughout the past year, the most significant spikes relating to this topic have marked approximate highs in local ETH prices.

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Source: Song/Twitter

The analysis company takes a deeper dive into Ethereum’s social dominance in its weekly newsletter as it warns of a possible whim.

“It almost seems like everyone and everyone is in this very obvious speculative game.

As we get closer, it is very likely that we will see another peak of “meltdown” social dominance and similar price action (falling alts, rising ETH) as the stragglers pile into whatever they have to do, which ultimately increases the odds of things going to a blown top.

Ethereum is up a fraction on the day and is changing hands for $1,842.

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Disclaimer: Opinions expressed on The Daily Hodl are not investment advice. Investors should do their due diligence before making high-risk investments in Bitcoin, cryptocurrency or digital assets. Please note that your transfers and transactions are at your own risk and any loss you may incur is your responsibility. The Daily Hodl does not recommend the buying or selling of cryptocurrencies or digital assets, nor is The Daily Hodl an investment adviser. Please note that The Daily Hodl engages in affiliate marketing.

Featured Image: Shutterstock/Art Four





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