Increasing Negative Interest in BTC as Its Price Struggles to Find Upward Momentum

BTC struggles to find pace and add gains. It slumped over 3% on 21 June, dropping below $64,000, and presently fluctuates just above $64,000. It has fallen by 8% over the past month. Despite hope and anticipation for price rises, BTC has failed to find its footing and perform like it did earlier this month when it surged past $70,000.

Whales and miners have liquidated over $1.2 billion of BTC within the past two weeks because of the price decreases. Factors like a strong dollar and investors preferring more stable markets have triggered such liquidations and can keep BTC much below $70,000 for some time. Some traders feel it may even hit $60,000 soon.

Santiment has been analyzing how the Bitcoin crowd has felt about its performance and revealed that the feeling has been negative for the past weeks. Presently, FUD is very high in the asset, forcing holders to liquidate and preventing enthusiasts from buying. To that end, BTC ETFs recorded over $139.88 million in outflows on 21 June, chalking the weekly outflows to over $900 million.

In an X post, Santiment said, “The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K. This extended level of FUD is rare, as traders continue to capitulate.” However, it seems like those with patience and holding through the turbulence may thrive. Santiment continued in the same post, “BTC trader fatigue, combined with whale accumulation, generally leads to bounces that reward the patient.”

Santiment studied mentions of bitcoin online, comparing positive and negative mentions to measure its Weighted Sentiment Index. The index reads negative for the asset. Nevertheless, the market is still bullish for BTC in the long term as it still fluctuates in a price range that is way above where its price was just six months ago.

Image by Petre Barlea from Pixabay

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