In 2017, Bitcoin remained at a price of more than $20,000 for less than 24 hours after the correction. Within a month, its price fell below $10,000, and the market’s upward recovery was also very small. However, the bull market from 2020 to 2021 is completely different.
According to the latest data from Santiment, after Bitcoin touched the new ATH on the chart, yesterday’s buy transaction dominated spot buys. After a brief period of uncertainty, short-selling calls were all the rage 24 hours ago. In fact, because Bitcoin still maintains a high valuation at the time of publication, the peak selling cannot affect the price.
According to the latest data from Santiment, after Bitcoin hit a new high on the chart, bullish buying dominated spot trading yesterday. Just after the upsurge of selling call options 24 hours ago, there was a brief period of uncertainty in the market.
In fact, as Bitcoin still maintains a high valuation as of press time, the peak selling price cannot affect the price of Bitcoin.
However, the possibility of selling still exists.
According to Glassnode, a few hours ago, Bitcoin exchange Inflow (MA 1 day) reached its ATH of about 110 million U.S. dollars, and the most recent historical high was on July 29, 2019. This indicates that BTC is active on the exchange again, probably from the perspective of selling. But be aware that the inflow of only swapping addresses and not swapping wallets has increased.
According to Glassnode’s data, Bitcoin transaction traffic (1 day MA) reached about 110 million US dollars a few hours ago, and the most recent record was on July 29, 2019. This is a sign that Bitcoin is active on exchanges again, perhaps from a selling point of view. However, it is worth noting that only the inflow of funds from the transaction address increased, while the funds from the transaction wallet did not increase.
In the current market, if a large amount of Bitcoin flows into the exchange wallet will be an obvious bearish signal.
As we said earlier, Bitcoin hit an all-time high of nearly $20,000 in December 2017 and stayed at the top for less than 24 hours. There was a rapid correction, and within the next 30 days, the valuation fell below $10,000.
In June 2019, because the sell-off happened quickly and quickly, Bitcoin remained at an annual high of $13,800 in just one day. On the contrary, this year is a completely different mood.
Just like Bitcoin’s sustained new highs, the Fear and Greed Index hovered above the extreme greed zone of 90 just a day ago. In contrast, the fear and greed index has remained above 90 for most of the time since November 19, 2020.
It can be speculated that investors are currently satisfied with bitcoins held at higher prices, and their willingness to make quick money has been greatly reduced, and investors are willing to hold bitcoins at higher prices.
It seems that Bitcoin may be normalizing people’s sentiment towards the highest greed index in 2020.
