Bitcoin's (BTC) weekly high and low price ranges differed by 11% just in the past week. In this regard, there hasn't been much social interaction over purchasing the dip in recent weeks. Recent data, however, revealed a sharp increase
Some traders appear prepared to purchase the dip.
Bitcoin's (BTC) weekly high and low price ranges differed by 11% just in the past week. In this regard, there hasn't been much social interaction over purchasing the dip in recent weeks. Recent data, however, revealed a sharp increase in the daily social dominance indicator for mentions of "buy the dip." The market capitalization of Bitcoin is at $317 billion, down from the monthly high of $431 billion.
Despite numerous defeats, there is a group of "buy the dip" advocates. Unprecedented regulatory pressure and a bad macroeconomic environment are challenges the current bear market cycle is facing. The historically low whale holdings in Bitcoin are a reflection of the waning hope for a price recovery soon. According to on chain data, the BTC whale holdings are currently at 29-month lows.
As the crypto winter drags on, there has been a noticeable decrease in the amount of buy the dip mentions. Even though there are fewer mentions, some cryptocurrency traders continue to promote the notion of purchasing at the bottom. The on chain data from Santiment reflects this. There was an unusual increase in mentions earlier in the week. BTC was trading below $19,000 at the same moment.
According to recent market bottoms, the bottom purchasing calls are sounded anytime there is a decline. However, as we get closer to the BTC bottom, these patterns tend to slow down. However, given the peculiar pricing behaviour BTC demonstrated throughout the most recent cycle, it is likely that the digital currency could decline even further. BTC's price is currently $19,030, down 0.02% over the last 24 hours, according to price monitoring service CoinGbbar. The top cryptocurrency earlier in the week hit a low of roughly $18,300 and a high of $20,334.
