The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX
No Result
View All Result
The Daily Hodl
No Result
View All Result

Bitcoin Turnaround Incoming? Crypto Analytics Firm Santiment Says Five Indicators Flashing Warning Signs

by Daily Hodl Staff
March 31, 2023
in Bitcoin, Trading

A leading crypto analytics firm says that key indicators are signaling Bitcoin (BTC) is on the verge of a bearish turn after an extended rally.

In a new blog post, Santiment says five indicators are flashing bearish for Bitcoin even though the king crypto is making moves closer to the $30,000 price level.

According to Santiment, the trading volume is cooling off.

“The recent rally saw pretty decent trading volume coming in at the start, which is a healthy sign. However, things started to slow down a little as we inch higher. Now we are observing a divergence in Price and Volume, which usually isn’t a good thing as it is signaling that there’s exhaustion in the price action.”

Enlarged
Source: Santiment

Next, Sentiment says that the Social Volume and Social Dominance indicator is at a high level, which historically indicates the top of a price rally has arrived.

“BTC’s Social Volume and Social Dominance are at its highest level in a year, indicating that the crowd is getting somewhat excited. This usually precedes a local top.”

Enlarged
Source: Santiment

According to Santiment, the third bearish indicator is that long-term holders of Bitcoin are starting to become active again.

“Since mid-March, we saw two such spikes, between 2,800 and 3,000 BTC that are pretty long-term (five years) being activated. Could it be due to the crypto crackdown or CTFC [Commodity Futures Trading Commission] vs. Binance case? Whichever the case, seems like some whale is probably feeling a little jittery about everything that’s going on.”

Enlarged
Source: Santiment

The second to last indicator signaling bearishness is the activity of Wrapped Bitcoin (WBTC) borrowing on lending and borrowing decentralized finance (DeFi) protocol Aave (AAVE), according to the analytics firm.

“Currently, we are seeing cautious borrowing of WBTC at this price range, nothing too insane yet but looks like folks have started to short.”

Enlarged
Source: Santiment

Lastly, Santiment says Bitcoin’s market-value-to-realized-value (MVRV) ratio, which seeks to capture market bottoms and tops based on the average profitability of all Bitcoin holders, is indicating that the Bitcoin rally may soon come to an end.

According to Santiment, the MVRV ratio may be forming a similar pattern seen in 2019.

“If history is to repeat, then, we might just see a sharp spike marking a local top and a dreadful bleed out like 2019. Granted, macro conditions today are very very different from that of 2019. It still remains to be seen how BTC is going to navigate through the chaos.”

Enlarged
Source: Santiment

Bitcoin is trading for $28,035 at time of writing.

Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Submit a Press Release

Industry Announcements

  • TRON Mainnet Celebrates Fifth Anniversary and Stands Now As the Preferred Global Blockchain
    June 8, 2023
  • Blockchain Pioneer Acquires International Fashion House Blk DNM
    June 7, 2023
  • WOW EARN Launches Its Crypto Wallet on iOS and Google Play
    June 7, 2023
  • BinaryX and AiGC Labs Developing First AI-Powered Virtual Reality Game on the Metaverse
    June 7, 2023
  • The Importance of Crypto Payments in 2023
    June 7, 2023
  • Proof of Talk 2023 – Two Days To Restore Trust in Web 3.0 and Design the Future of the Industry
    June 7, 2023
  • OKX Partners With Komainu, Enabling 24/7 Secure Trading of Segregated Assets Under Custody for Institutions
    June 6, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$26,553.11
$26,553.11
0.31%
Ethereum
$1,848.10
$1,848.10
0.01%
Cardano
$0.323586
$0.323586
0.12%
XRP
$0.52522
$0.52522
0.87%
Dogecoin
$0.068175
$0.068175
0.8%

Spotlight

  • Popular Crypto Analyst Issues Major Bitcoin Alert, Says BTC Ripe for a ‘Flush Down’ – Here’s Why
    June 1, 2023
  • Is XRP About To Rally? Crypto Analytics Firm Santiment Says One Metric Is Flashing a Historically Bullish Signal
    June 1, 2023
  • Top Trader Says Ethereum on Cusp of Breakout Against Bitcoin, Predicts One Surging Altcoin Has More Fuel in Tank
    June 1, 2023
  • Brian Armstrong Issues Warning on China, Says US Putting National Security at Risk With Anti-Crypto Climate
    June 1, 2023
Coinfest Asia Banner
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Cryptocurrency news and analysis, covering Bitcoin, Ethereum, Ripple, XRP, altcoins and blockchain technology

Categories

Bitcoin • Ethereum • Trading •
Ripple and XRP • Altcoins •
Blockchain • Regulators •
Scams • Crypto101 • HodlX •
Futuremash •
Industry Announcements

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON TWITTER

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Ripple and XRP
    • Altcoins
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
  • BEGINNERS
    • What Is Bitcoin?
    • What Is Blockchain?
    • What Does Hodl Mean?
    • How to Pay Your Bills with Bitcoin
    • Best Bitcoin FAQs
    • Example of Bitcoin’s Purpose
    • Cryptocurrency Has Multiple Meanings
    • Authenticator Alert – Securing Your Crypto
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
  • EMAIL ALERTS
  • DAILY HODL MIX

© 2023 The Daily Hodl