Traders Sell ETH and BTC at Loss, Will the Coins Bottom be Revealed
- Santiment has noticed that BTC and ETH traders are selling at a loss instead of profits.
- BTC is priced at $23,441.23 with a surge of 1.08% in just 24 hours, at reporting time.
- Indicators give out a sign of consolidation for BTC.
Investigating the transaction volume, Santiment, a market intelligence platform, has noticed that BTC and ETH traders are selling at a loss instead of profits this week. The market intelligence platform also points out that this is the first time it’s happened since the beginning of the new year.
— Santiment (@santimentfeed) February 26, 2023
#Bitcoin & #Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form. https://t.co/maEg5sDHM6 pic.twitter.com/0kvPUzbTQm
Santiment further commented that when the traders exit their position at a loss, new bottoms are likely to form. When looking at Santiment’s chart, it seems that BTC might form support at 19K based on the BTC Ration of daily on-chain transaction volume in profit and loss.
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