Last week, the Bitcoin market exhibited diverse changes in dynamics and investor sentiments. While Bitcoin finished the week with gains, the level of uncertainty remained high.
Bitcoin Market: A Summary
Bitcoin concluded last week with a 2.29% gain from its opening to closing price. This marks the second week ending in the green since March 30, despite an initial bearish start to the week. The analysis shows demand is present, however, the fear and greed index was at 45, indicating fear in the market.
Dynamics of Large Investor Activity
CryptoQuant analyst Darkfost examined the whale activity on Binance. His analysis indicates that the 365-day moving average continues to trend upward, signaling a long-term uptrend. Nonetheless, short-term whale activity saw a decline, which was further corroborated by decreased inflow ratios from whales to exchanges.
Market Sentiments and Smart Money Position
The fear and greed index rose to 45, indicating a slight sentiment recovery. Whale activity exhibited a spike between Wednesday and Friday, contributing to Bitcoin's bullish performance. However, this activity cooled down over the weekend, suggesting that traders began taking profits.
In conclusion, the Bitcoin market is characterized by uncertainty, displaying both signs of recovery and volatility. Future price movements will depend on the activity of large investors and overall market sentiments.
