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.
📊 In the first two hours of Monday #crypto trading (UTC time), #Bitcoin's network is seeing a massive 12.5 to 1 ratio of transactions in profit vs. transactions in loss territory. Traders' confidence in $BTC regaining the $40k mark appears to be slim. 😨 https://t.co/cyFlC9nG6S pic.twitter.com/stTSXJdqk0
— Santiment (@santimentfeed) May 2, 2022
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.
#Bitcoin has NEVER spent 15 months above a price only to retest it again
Going below $28.8k would mark a first in Bitcoin history
The last time Bitcoin was below $28.8k was in January of last year
— Matthew Hyland (@MatthewHyland_) May 1, 2022
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.
Fifth red Weekly candlestick close in a row for #Bitcoin
That means every week in April we closed lower than open.
You can see we've been in the same price channel since the start of the year. pic.twitter.com/0uACHp1WtJ
— Bitget (@bitgetglobal) May 2, 2022
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.
Bitcoin Fear and Greed Index is 28 ~ Fear
Current price: $38,688 pic.twitter.com/5yKE6RE5qL
— Bitcoin Fear and Greed Index (@BitcoinFear) May 2, 2022