The bearish momentum witnessed in the Bitcoin (BTC) market has made addresses at a loss to climb to a two-year high.
Crypto insight provider Glassnode изјавио:
“Number of Bitcoin addresses in Loss (7d MA) just reached a 2-year high of 15,312,636.333.”
Извор: Глассноде
Furthermore, nearly 41% of Bitcoin’s circulating supply is at a loss. Market analyst under the pseudonym On-Chain College објаснио:
“7.7 million Bitcoins are currently sitting in loss. This is the highest amount since April 15th, 2020. That’s almost 41% of the total circulating supply.”
Извор: Глассноде
After briefly breaching the $40K level on May 4 as the Федералне резерве (Fed) announced an interest rate hike of 0.5%, Bitcoin has been down-trending. The tightened monetary policy is sparking selling pressure despite a bullish scenario being witnessed when the news emerged.
Bitcoin was down by 8.59% in the past seven days to hit $34,634 during intraday trading, according to CoinMarketCap.
Bitcoin is in the extreme fear territory
prema to Bitcoin Fear and Greed Index, the leading cryptocurrency currently sits at an extreme fear zone of 18.
Извор: Индекс страха и похлепе за Битцоин
The Bitcoin Fear and Greed Index ranges from 0 to 100 and shows the extent of fear and greed in the BTC market. Time will tell how BTC will play out in the short term because events of extreme fear are usually followed by bullish momentum.
Meanwhile, the number of daily active addresses recently hit a 5-month high, and this might have escalated the selling pressure in the BTC network, Блоцкцхаин.Невс пријавио.
Извор слике: Схуттерстоцк
Source: https://blockchain.news/analysis/Bitcoin-Addresses-at-a-Loss-Hit-a-2Year-High-as-Extreme-Fear-Engulfs-the-Market-2d41b7e2-6e21-46f0-9170-08a1cf90af6f