Both stocks as well as in cryptocurrencies The graphs point to an interesting optimism. Especially with the rise in technology stocks, the stock market became indifferent to the latest US data. So what’s next for cryptocurrencies? Santiment data says the rise could quickly reverse.
Fall expectation in cryptocurrencies
We see days when optimistic comments exceed pessimistic ones on social media platforms. This is what was seen in the last bullish environment, according to Santiment data. This rise, which we see triggered by excessive optimism, is not supported by macro data. Moreover, since the potential agreement with Iran has already been priced in, investors need to be much more cautious.
“Surges that come with a confident audience tend to fade quicker than those that climb the ‘wall of anxiety.’ Those that overcome skepticism tend to persist longer.” – Centiment
According to data, the ratio of bullish to bearish comments is currently about 1.5 to 1.
“The team’s ideal scenario is a return to $75,000, clearing out recent lagging long positions, resetting sentiment and establishing a healthier base.” – Centiment
Supply and Bitcoin on exchanges
Stock markets for the last 5 days BTC Its supply increased steadily. While the ETF investor’s average cost zone works as resistance, investors must have thought that the right zone for profit sales is above 80 thousand dollars, so they continue their transfers. Both the fluctuation in the number of active BTC wallets and the increase in entry to the stock exchanges indicate that the risks will become more evident in the coming days.
If the bulls cannot meet this selling supply and the $ 80,400 level cannot be maintained as support, BTC may fall to the range of $ 78 and $ 75 thousand.
“On-chain activity is generally calm, but Bitcoin supply on exchanges has increased over the past five days after a prolonged decline. This reversal may indicate early profit taking.” – Centiment
Even cryptocurrency analyst Michael Poppe, who is known for his optimism, thinks we need to see a drop between $70,000 and $75,000 before the rise continues. Matthew Hyland says that the 87-95 thousand dollar range will be tested before the end of May.
