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Bitcoin Pessimism Among Retail Traders Points to Possible Market Bottom
Bitcoin
Cryptocurrency
Last updated:
December 22, 2024 07:29 EST
Crypto Writer
Arslan Butt
Crypto Writer
Arslan Butt
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Arslan Butt is an experienced webinar speaker, market analyst, and content writer specializing in crypto, forex, and commodities. He provides expert insights, trading strategies, and in-depth analysis...
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Last updated:
December 22, 2024 07:29 EST
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Bitcoin Price AnalysisBitcoin’s recent price dynamics showcase a fascinating interplay between retail sentiment and institutional activity. According to Santiment, social media saw a spike in mentions of Bitcoin potentially falling below $90,000 in late November, coinciding with the market bottoming near $91,600—a signal often interpreted as a buying opportunity for seasoned investors.
Santiment’s tweet highlights this behavior:
“Crypto markets historically move the opposite direction of the crowd’s expectations, because the mass majority of the crowd is made up of retail traders,” tweeted @Santimentfeed.
Retail Euphoria and Whale Accumulation
In early December, Bitcoin surprised traders by surging past $100,000, sparking social euphoria. Mentions of $110,000 skyrocketed as traders predicted new highs.
However, as Santiment pointed out in a subsequent tweet, this optimism led to profit-taking by larger players, triggering a pullback to current levels.
“In early December, FOMO was rampant after BTC’s historical moment above $100K. The celebration was short-lived,” Santiment highlighted.
Whale Accumulation: The Long Game
While retail sentiment swings wildly, whales and sharks—holders of 10+ BTC wallets—have steadily accumulated during periods of fear. Santiment’s data shows that these key stakeholders leveraged the retail-driven panic in late November to add to their holdings.
“History says that you should follow the long-term trajectory of whales and sharks,” emphasized @Santimentfeed in their analysis. This activity aligns with Bitcoin’s tendency to rebound strongly after retail-driven dips.
Bitcoin Battles $99K Resistance: Key Levels in Play
Bitcoin is trading at $97,175, reflecting a 1% decline over the last 24 hours, with a trading volume of $45 billion. It remains the largest cryptocurrency by market cap, at $1.92 trillion, with a circulating supply of 19.8 million BTC.
The cryptocurrency faces resistance at $99,230, reinforced by a prior trendline turned horizontal barrier. The 50-day EMA near $98,670 further limits upward momentum. A failure to clear these levels could prompt additional selling.
Support levels include $95,790, $92,230, and $89,850—critical for maintaining market structure. The RSI at 47 signals neutral momentum with a slight bearish inclination.
Bitcoin’s consolidation between $95,790 and $99,230 suggests potential for either a breakout toward $102,650 and $105,380 or a breakdown toward lower supports. Traders should closely watch volume and momentum near $99,230 for clearer directional cues.
Key Insights:
Bitcoin’s price story emphasizes the need to balance sentiment analysis with technical levels. As Santiment aptly states, “Profit lies in being a contrarian to the crowd.”
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