The biggest cryptocurrency in the world, Bitcoin (BTC), is still under a lot of selling pressure due to market uncertainty worldwide. The price of bitcoin fell below $19,000 over the last weekend, and analysts predict additional decline.
The Bitcoin whale holdings have been declining for 100 months in a row, according to on-chain data. In response to concerns about inflation and a worldwide recession, “addresses holding 100 to 10k $BTC have dropped their percentage of supply held of #crypto’s top asset to 29-month lows,” according to on-chain data source Santiment.
Well, this demonstrates unequivocally the feeling that given the current macroenvironment, Bitcoin investors are still exercising great caution. Additionally, according to data from CryptoQuant, there are now more short positions in Bitcoin derivatives.
Social Dominance of Bitcoin Rises
As is well known, the overall crypto market has begun a steep drop alongside Bitcoin. The current crypto market crash has resulted in an even larger correction in the altcoin arena. As a result, social interest in Bitcoin has reached a new peak during the past two months. According to Santiment, a provider of on-chain data:
The BTC Fear and Greed Index shifts towards “severe fear” circumstances as Bitcoin records its third straight daily loss. The Fear & Greed Index dropped earlier today from 24/100 to 21/100. It does, however, still remain above 20 levels, showing some investor resiliency.
The sub $18,000 levels, however, will be the target for the bears if the market sell-off persists.