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Bitcoin Massive Amount Of Profit Taken Transactions Stopping BTC To Regain $40K Mark

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Bitcoin is not performing well.

On-chain data analytics platform, Santiment, has revealed via Twitter that the first two hours of Monday crypto trading show that the BTC ratio of daily on-chain transaction volume in profit to loss is 12.5 to 1.

More BTC transactions are in the loss territory than in the profit territory. Hence, Santiment opines that traders are losing confidence about the possibility of the leading crypto reaching and sustaining the $40K levels.



Nevertheless, veteran crypto analyst, Matthew Hyland, remarked that BTC has never spent 15 months above a price only to retest it again. Hence, if it dips below the $28.8K level, it would be a first in its history. January 2021 was the last time, BTC traded at sub $28K levels.

Also, for the 5th successive week, BTC is having a red candlestick close on the weekly chart according to crypto copy trading platform, Bitget. Thus, closing is lower than its open every week of last month. It implies that BTC has been trending in the same price channel since the beginning of the year.

Furthermore, the tool which measures BTC investor market sentiment, the BTC fear and greed index is currently at the ‘fear’ position, with a score of 28. This current index indicates that the market sentiment is bullish toward the leading cryptocurrency.

This current index indicates a buying opportunity since most investors are worried or fearful about investing in the leading cryptocurrency. Up until yesterday, the index has been in the extreme fear position.

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The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Albert Brown
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.


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