These Facts Telling Potential Loss of Bitcoin in the Coming Bear Market? Conversely Earning Great Profit from it!
Disclaimer: The text below is an advertorial article that was not written by Cryptonews.com journalists.
Bitcoin (BTC) performed a sharp turnaround that the price broke above $31,000 in the past 2 days. This is the first time bitcoin has broken above the $31,000 mark since early May. However, BTC’s upside has been capped and is struggling at the $30,000 mark again. The sentiment in the crypto market remains bearish.
According to the latest data from Fear & Greed Index provided by Alternative.me, the value is 17 right now, suggesting that the general sentiment is extreme fear. Historically, bottoms have tended to form during periods of extreme fear.
But from the latest weekly report by Arcane Research, the crypto market is currently going through its longest run of extreme fear since the COVID crash back in 2020. Continuous extreme fear can also lead to more capitulation and the so-called buying opportunity may be much lower.
A look at the Miners Net Position Change by Glassnode, proves that miners keep selling BTC, with peak selling of around 8,000 BTC in May. In response to the market crash due to LUNA Foundation selling over 80k BTC in an attempt to maintain the UST peg, miners have since distributed 10k BTC adding to the selling pressure in the market. And the pace of selling appears to be cooling off, with a projected 3,300 BTC at the beginning of June. If BTC miners continue to sell BTC in large amounts, it could crush the price of BTC lower.
Though BTC is in a downtrend on a whole, it still has traded in a choppy price range between $29,000 - $32,000 recently. Thus, it is a good chance to profit from the market fluctuations with one of the most popular instruments - 100x leverage crypto futures.
Crypto futures trading
Read more on cryptonews.com
