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- If the price of BTC breaks below the $22,300 level, further declines are possible.
- Negative sentiment prevailed in the market, but some indicators had a bullish bias.
Bitcoin [BTC] The flat price action has disappointed investors for quite a few days. CoinMarketCap data Last week, BTC revealed that it failed to record a profit as the price fell 4%. At the time of writing, BTC is trading at $22,405.25, giving him a market cap of over $432 billion.
read bitcoin [BTC] price prediction 2023-24
Markets may be at risk
According to the latest report by Santiment, some analysts believe: Bitcoin‘s price could drop further in the next few days, reaching $19,500.
If the price falls below the recently volatile $22,300 range, BTC could fall.
📉 #bitcoinThe price of fell a few days ago. #silver gate The share collapsed and I struggled to get back on my feet.Our latest community insight discusses the possibilities $BTC Notable support levels and what lies ahead #Altcoinhttps://t.co/HMgIIuc5AD pic.twitter.com/i22qLhCLbV
— Santiment (@santimentfeed) March 6, 2023
The situation was critical as altcoins could experience a catastrophic decline of between 15% and 25% in value if Bitcoin hits the $19,500 threshold. Thus triggering yet another collapse of the crypto market.
An overview of the current crypto market
of Luna Crash chart It helped me understand the current scenario better. The data shows that the global cryptocurrency market capitalization fell last week.
At the time of writing, it was just over $1.2 trillion. Although the market capitalization has fallen, the market power of altcoins has increased. Bitcoinprice drop. Aggregate bearish sentiment has risen significantly over the past week.
Source: LunarCrush
Another analysis from Santiment points to similar negative trends in the cryptocurrency industry. The report states that negative sentiment about cryptocurrencies is surging on various social media platforms. Interestingly, most of the negative language on social media came from Twitter.
😨 Abnormally high levels of negativity #Crypt Emotions emerged this weekend, especially here #twitterIt is difficult to measure what could be contributing to one of the highest levels. #FUD @santimentfeed I have recorded. Read our thoughts! 👇 https://t.co/b9Z3LGtDVr pic.twitter.com/17lZ6bF95X
— Santiment (@santimentfeed) March 5, 2023
Is Your Portfolio Green?Please Confirm Bitcoin profit calculator
Caution is required
While we cannot rule out the possibility of a downtrend, some of the on-chain indicators looked optimistic.
for example, Bitcoin Off-exchange supply registered an increase, while exchange supply decreased. This is generally a bullish signal and reduces the likelihood of a price plunge.
King Coin’s MVRV ratio is also showing signs of recovery, rising slightly over the past few days.
Source: Santimento
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