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Crypto Hot News Bitcoin investors can consider these points before cutting losses

Hot Crypto News Today Bitcoin investors can consider these points before cutting losses You Must Read To Get More Information For Trading and Investment.

The sell-off on the cryptocurrency market pushed the price of the largest cryptocurrency below the $20k mark. Now, Bitcoin [BTC] returns back to the $21,000 range, providing some relief to the investors.

But the question remains, can the bulls keep the momentum going?

A potential rally in the works? 

Different Bitcoin holders seem to have entered a capitulation phase. Many even fear the end of the cryptocurrency reign. Consider this, the “Bitcoin Dead” searches on Google touched an all-time high over the last weekend. Alex Kruger, a famed economist, in a 20 June tweet highlighted this stat.

Nonetheless, such rock-bottom sentiments tend to bring out a potential rally. On-chain data provider Santiment opined,:

“Bitcoin’s plummet to $17.7k this weekend brought out the most discussion related to the #1 market cap asset in 2022. We often see major price reversals correlate precisely with high social volume rates, and $BTC has jumped +15.8% since.”

Here’s a graphical representation- BTC reaching the $17.7k mark caused the largest amount of BTC discussion of the year.

Crypto Hot News Bitcoin investors can consider these points before cutting losses

As past bore the witness, the low and negative sentiment could inject a potential rally as whales tend to accumulate.

On-chain analytics resource Whalemap, meanwhile, highlighted the dip-buying by major investors at levels below the seminal $20,000. This could become a great short-term support for the flagship coin.

Even analysts maintained a similar narrative around Bitcoin. “BTC is in a macro bottoming period for this cycle,” renowned trader and analyst Rekt Capital tweeted.

“Over the next years, investors will be rewarded for buying here. Yet, many still wait for $BTC to go even lower to buy. It’s like waiting for Summer to come, and finally it’s 33C outside but now we hope for 35C.”

The trader, additionally, described a $20,000 BTC price as a “gift” to buyers. But, the question remains, are they going to accept this reward? Especially after witnessing massive losses.

The aggregate market has realized over $7 billion in losses this week, with Long-term Holders (LTHs) contributing 178k BTC in additional sell-side.

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Written by thegamefi

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