Bitcoin [BTC]The performance has been sluggish recently as the King’s coin has failed to post gains in recent weeks. BTC’s seven-day chart is painted in the red as its value has fallen by more than 7%.
Recently, BTC price reached a three-month low, followed by a sharp rise in negative hourly BTC sentiment. This was an indication of a bear market. However, the good news is that many indicators and metrics in the series indicate that the trend may soon reverse.
What is BTC up?
BaroVirtual, CryptoQuant Analyst and Writer, has published an interesting article Analytics This gave perspective on rising selling pressure in the market. In his post, he referred to a scenario in which investors who held their assets for six to 12 months would sell their holdings. This is the reason for the increased selling pressure.
“When the SOAB age ranges between investor age groups from 6 months to 12 million indicate an impact on crypto exchanges, it typically indicates that investors in this age group are pessimistic and tend to sell their coins soon, which is Which inevitably puts pressure on the bitcoin price.”
future is prettier
Fortunately, there have been several positive developments in recent days that look promising. For example, Santiment data revealed that BTC’s social dominance has increased, which is a broadly positive indicator. In addition, BTC Market Cap Realization Value (MVRV) has also declined, indicating a potential market bottom.
📉 # bitcoinThe price reached its lowest level in 3 months. According to our sentiment data, negative comments rose to monthly highs. # default At the stock exchanges, at least stop the bleeding. BTC dollars Social dominance has also increased, which is historically a good bottoming signal. https://t.co/JhvxEQoSy9 pic.twitter.com/GRiRhukXxN
– Santimentfeed September 22 2022
The bitcoin inflow has been on the rise recently after the steady decline, which is also a bullish sign indicating higher prices in the coming days. Interestingly, the price of BTC has slightly increased in the past 24 hours, but the risk-to-reserve ratio has fallen, increasing the chances of a recovery soon.
Although the price of the cryptocurrency king has seen a drop in recent weeks, investor confidence in the coin does not appear to be affected by the development. A recent tweet from Documenting Bitcoin revealed massive global adoption of BTC. Hence, the tweet indicated that more and more individuals from different parts of the world trust the coin. Hence, this may help BTC push its price higher in the coming days.
worldwide # bitcoin Adopted in 2022
1. Vietnam 🇻🇳
2. Philippines 🇵🇭
3. Ukraine 🇺🇦
4. India 🇮🇳
5. The United States 🇺🇸
6. Pakistan 🇵🇰
7. Brazil 🇧🇷
8. Thailand 🇹🇭
9. Russia 🇷🇺
10. China 🇨🇳
11. Nigeria 🇳🇬
12. Turkey 🇹🇷
13. Argentina 🇦🇷
14. Morocco 🇲🇦
15. Colombia 🇨🇴 pic.twitter.com/pPKQZDWTRa
– DocumentingBTC 📄 (DocumentingBTC) September 21, 2022
Another positive development revealed by CryptoQuant’s data. While Bitcoin’s Relative Strength Index (RSI) was in neutral mode, stochastic oscillator revealed that the market is in an oversold condition. This also increased the chance of an eruption going north.