Recent data suggest that the recent market downturn could continue to have different effects on the price of bitcoin and other digital currencies. Some of these cases have negative results and others have positive results.
to the Report Daily Hoodel, China’s Santiment blockchain analysis platform, says last week’s market crash could affect bitcoin and Ethereum prices in several ways. Centiment said the event was accompanied by upward as well as downward signs.
“A sentiment analyst has said in this regard:
I have seen some analysts consider the technical level of $ 38,000 as a strong support [بیت کوین] Introduced. On the other hand, I have seen a wave of tweets referring to buying in the price floor in the hours after the market crash. By looking at the activities within the chain and [پستهایی] As social media users report on top currencies, it seems that the current market situation is like when you do not know whether to say good news or bad news first.
Ethereums on the market are shifting from personal wallets to digital currency exchanges, according to Centiment; An issue that could be a sign of increasing sales pressure.
Sentiment wrote in its analytical report:
To begin with network data, last week’s fall was accompanied by signs of weak investor sales, which could be a good sign for buyers.
The analyst firm said the profit-to-loss ratio of Bitcoin network outflows (NPLs) had reached a two-month low, indicating that bitcoin investors were likely to sell their assets at a loss.
Outcome-to-loss ratio (NPL) indicates that investors who have sold their assets are on average profit or loss. This rate is obtained by dividing the average selling price of each asset by the average purchase price of traders.
The sentiment report states:
Falls that [اکنون] We see that it has formed near the floors that were seen during the correction of May (May) and June (June).
The average transaction fee for the Ethereum network has reached its second historical peak. Sentiment says such fee spikes could be a sign of a downturn as it may be due to investors’ hasty sales, although the boom in the NFT market could also be cited as another reason for Ethereum’s fee increases.
The number of posts by social media users that contain the words “Buy” and “Dip” and generally refer to “buy on the price floor” has increased during the recent market crash. According to sentiment, these words indicate the upward trend of investors.
The analytics company saw a slight increase in the average social media users’ feelings about Bitcoin, and went on to explain how this could affect the price of the digital currency.
Centiment wrote at the end of its report:
In general, it seems that small investors are a little excited after the collapse, which can become a problem in the short term. If you look at previous jumps in usage, such as “buy at the floor”, you will notice that this [احساسات], Like last April and May, have appeared a little prematurely, and there is a tendency in the market to fall before the majority claims are fulfilled.