analyzing Bitcoin Bulls vs Bear Ratio, Why $62,000 Is Crucial Support?

Bhushan Akolkar
April 17, 2024
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Bitcoin Halving: Bitwise CEO Bullish On BTC Price To Hit $100K Post-Having

Highlights

  • Bitcoin trader FUD peaks amid the current volatility in the Bitcoin price.
  • Bitcoin price drop under $62,000 can lead to further correction to $51,000.
  • On the upside, $66,250 remains a major resistance that will open the gates to new ATHs.

Earlier today, the world’s largest cryptocurrency Bitcoin experienced a further 2% decline, reaching as low as $61,600. However, in recent hours, Bitcoin has displayed a notable recovery, now trading at approximately $63,916, accompanied by a market capitalization of $1.26 trillion.

Bitcoin Bull vs Bear Ratio Skewed To The Negative

According to insights from on-chain data provider Santiment, sentiment surrounding Bitcoin has notably soured following its recent dip to $61.5K over the weekend. The prevailing ratio of bearish to bullish comments reflects this negativity, suggesting a climate of apprehension among traders.

The market’s response, however, has been somewhat contrary to these sentiments, with a rebound observed despite the prevailing fear, uncertainty, and doubt among traders. This divergence from the crowd’s expectations, characterized by panic selling, indicates a potential trend reversal.

Analysts anticipate this trend to persist until the fervor and anticipation surrounding the upcoming Bitcoin halving event once again dominate social media conversations, reminiscent of the discourse observed in the preceding weeks.

Courtesy: Santiment

$62,000 Remains the Crucial Support

Crypto analyst Ali Martinez highlights the significance of key price levels for BTC, as per the Unspent Bitcoin Realized Price Distribution (URPD). Martinez emphasizes that $62,000 serves as a critical support zone for Bitcoin. A breach of this level could potentially redirect attention towards the next significant demand area, estimated to be around $51,500.

Conversely, Martinez points out that a resurgence in Bitcoin’s price, with a climb back above $66,250, holds the potential to considerably enhance the likelihood of reinvigorating the ongoing bull run in the market. If the Bitcoin price manages to break past the resistance of $66,000, the next price targets are $79,000 and $86,000!

Furthermore, Martinez stated that there’s been a significant alteration in the Bitcoin Accumulation Trend Score, marking a notable change for the first time since October 2023. The score now stands at 0.27, indicating a shift in the behavior of Bitcoin whales. This change suggests that these whales may be either distributing their holdings or refraining from accumulating more BTC at the moment.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.