- Bitcoin Surge and Trader Sentiments
- Correction Risks and Whale Market Behavior
- Other Cryptocurrencies in the Market
Analysts from cryptocurrency analytics firm Santiment have shared their views following the recent rally in Bitcoin. According to the analytics firm, BTC has recently surged above $66,000, creating excitement among traders.
Bitcoin Surge and Trader Sentiments
Santiment analysts noted that last week's Bitcoin surge primarily affected altcoins due to profit-taking after BTC's three-week rise. They highlighted that bulls' patience could be tested as overall sentiment in the cryptocurrency market surpassed FOMO (fear of missing out) levels for Bitcoin.
Correction Risks and Whale Market Behavior
According to Santiment, as the cryptocurrency trading community starts to experience greed, the likelihood of a correction increases. They pointed to a threshold around $63,000 for the greed level and mentioned that dropping to $53,000 would induce fear, potentially leading to more bullish sentiment in the market. Analysts also stated that the market behaves less predictably in the $63,000 to $53,000 range.
Other Cryptocurrencies in the Market
At the time of writing, Bitcoin has pulled back from its peak of $66,000 and is currently trading at $65,847, having gained 4.3% in the last week. Ethereum has increased by 5.75% and has unusually outperformed BTC this week. The biggest riser of the last week was Shiba Inu (SHIB), which rose by 38% thanks to the hype around memecoins and has a market cap of $11 billion.
Santiment analysts emphasize the potential for Bitcoin to reach local tops, while the market shows mixed signals. Future movements depend on the behavior of major players and the overall state of the global economy.
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