Bitcoin (BTC) extends winning streak for second day, crosses $21,000 mark
According to the on-chain analytics firm sentimentWhen the price of bitcoin fell below $18,000, the bulk of the market’s discussions over the weekend focused on it. “We often see major price reversals accurately correlate with higher social volume rates, with BTC jumping +15.8%,” Santiment wrote in a note accompanying the chart provided.
#bitcoinFalling to $17.7k this weekend, the #1 market cap asset in 2022 has been the most talked about-related. We often see that major price reversals correlate accurately with higher social volume rates, and $BTC Has jumped +15.8% since then. https://t.co/pr1QsYhFLk pic.twitter.com/fndXJSFop2
— sentiment (@santimentfeed) 20 June 2022
cryptoanalyst Ali Martinez A recent tweet indicated that the BTC long/short ratio on Binance Futures has declined to near 1.05. He added that about 48.87% of all traders with open positions in bitcoin are net shorts. “This is good news because you want the crowd to be bearish when BTC bounces,” said the analyst.
Feather @BinanceFuturesThe $BTC The long/short ratio dropped to 1.05. Roughly 48.87% of all traders with open positions #bitcoin are net-short.
That’s good news because you want the crowd to be bearish when #B T c Rebound! pic.twitter.com/burfKn2QBB
— Ali Martinez (@ali_charts) 21 June 2022
Bitcoin podcaster Max Keizer again shared his previous predictions that Bitcoin could rise to the $220,000 level this year.
bitcoin price action
On Tuesday, Bitcoin (BTC) extended its winning streak to a second day, holding onto the $21,000 mark in early signs of recovery. The rise in the price of bitcoin led to a recovery among crypto majors.
Over the past 24 hours, Ethereum (ETH) is up almost 5% to $1,167, while Shiba Inu’s SHIB is up nearly 30%. A general rally was observed for DeFi and lending tokens in general. Eve (AAVE), Waves and Embattled Celsius (CEL) posted impressive gains of 25%, 33% and 55% respectively. According to CoinMarketCap, the total cryptocurrency market capitalization has increased by 5% to $941 billion.
The price of bitcoin fell to $17,599 on Saturday, marking the first time in the asset’s history that the price has dropped from an earlier high. In the 12th consecutive daily loss, bitcoin fell below several highs observed price levels since late December 2020. The general market decline, according to analysts, was due to deepening tensions within the crypto industry in the backdrop of monetary tightening. ,
The leading cryptocurrency has since recovered some of its losses and was trading at $21,442 at the time of publication, up nearly 5%.