The market sentiment surrounding Bitcoin seems neutral at this time. Although several analysts are claiming unusually high targets for BTC, it seems that investors are not really buying this idea. However, Ethereum rose magnificently. It is currently trading around the $ 240 level. BTC / USD is trading just over $ 9,550 at the time of writing.
Is Bitcoin (BTC) Market Worried?
The price movements of Bitcoin were very different from the expectation of consensus. Before the BTC split, the exchanges were heavily attracted by retail and institutional investors. However, after the split, most of the interest of retail investors decreased. Bitcoin’s last bull momentum could have created hopes for novice enthusiasts. However, long-term traders are recently aware that there is no real Bull signal in Bitcoin. The increase was only due to the clear interest in options that ended on May 29.
BTC Volume Concerns
The fact that the BTC market is not currently a Bull market can be understood from the traded volumes. If we look at the four-hour BTC / USD time frame, we can see that they are not close to the traded volumes marked in red. Also, it is estimated that BTC will face tough resistance at $ 9,621. If BTC sees rejection from here, we can see another fast selling round. Bitcoin’s price action can react harshly to even minor glitches. The expectation of fast profit from BTC by many people seems to be the main source of these harsh reactions. When lost, fast sales can be made, which will cause prices to drop rapidly. But BTC is a completely different story in the long run! Investors must have a long-term perspective when investing in Bitcoin.
