Santiment analysts report mass profit taking by bitcoin traders
The first cryptocurrency shows the highest profit-take ratio since February 2021
17.01.2023 - 10:00
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What’s new? Experts at analytics firm Santiment noted that traders are locking in profits “while given the chance.” According to their observations, bitcoin shows the highest profit-take ratio since February 2021. For Ethereum, it is the highest since October 2021. As of January 17, 10:15 UTC, BTC is trading at $21 150 (+1,4 per day) and ETH is $1564 (+0,9%), according to Binance.
What other data is known? According to analytics platform IntoTheBlock, 56,65% of accounts with open positions on BTC are shorting on the Binance crypto exchange.
Bloomberg analysts noted a 25% rise in BTC and said that FOMO (fear of missing out) is likely to affect further market movements. Bitcoin’s relative strength index is at a two-year high, which may indicate local overbought conditions.
The relative strength index (RSI) is a metric that reflects the strength of a trend.
Overbought is a market condition when the price of a trading asset has gone too high. Oversold indicates an excessive price decrease.
On January 15, the Crypto Market Fear & Greed Index (F&G) rose to 52 for the first time since April 2022. That means investor sentiment has shifted into neutral territory, probably helped by the rise in the bitcoin rate.
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