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Santiment analysts noted that traders are facing a common paradox where they are willing to buy small dips in short-term BTC price movements, but are hesitant to buy larger drawdowns over a longer period.
In addition, it is added that periods with this level of FUD have historically provided investors with good opportunities to reap the benefits.
Frequency of “buy low” references (Source: Santiment)
Santiment data shows that traders showed a moderate level of enthusiasm in the second week of March 2023 as the price of Bitcoin (BTC) declined slightly. This is in stark contrast to the last drop, when the market leader’s price fell below $26K, which led to a decrease in the level of optimism on the part of traders and investors.
BTC is currently trading above $26,000 at $26,659, up 1.4% daily, according to CoinMarketCap. However, while the weekly dynamics of the leading cryptocurrency is in the red zone with a loss of 1.1%.
4-hour chart for BTC/USD (Source: TradingView)
Over the past 24 hours, BTC price has been able to break above the 9 EMA line on the 4-hour chart, reaching a high at $26,682. Since then, the price has fallen below the key EMA line, where it continued to trade at the time of publication.
If BTC is able to close the 4-hour candle above the 9 EMA line before the end of today’s trading session, then there is a possibility that the price of BTC will rise to $27,000. However, the failure to close the 4-hour candle above the 9 EMA line will most likely lead to a price drop. BTC up to $26,400.
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