Short-term Bitcoin holders dumped 17.8K BTC in 24 hours.
Bitcoin Bearish Sentiment Index Hits Monthly High of -20%.
Over the past 24 hours, Bitcoin [BTC] bottomed locally at $98,000 before bouncing back to $101,000. The bearish pressure came mainly from rising geopolitical tensions.
Investors have turned to aggressive selling amid concerns about the possibility of a wider war.
Bitcoin Selling Pressure Is Increasing
Data from CryptoQuant analyst Axel Adler shows that the sell-off has been intense over the past day.
This was demonstrated by the 14.7K BTC sold at a loss as the price dropped below $100,000, marking a period of panic selling.
Source: CryptoQuant
During the same period, 3.1K BTC were sold at a profit on centralized exchanges. In total, short-term investors sold 17.8K BTC, with a net capitalization of 11.6K BTC.
This spike in selling activity reflects a sudden shift in investor sentiment as fears mount. As a result, Bitcoin’s Advanced Sentiment Index dropped to -20%, indicating a sharp increase in selling pressure.
Source: CryptoQuant
Bearish sentiment has hit a monthly high, as selling pressure has increased as evidenced by the deepening negative delta in Taker volume, indicating that sellers are increasingly dominating the market.
This development coincides with the time when Bitcoin crossed the $100,000 threshold.
As Open Interest declines, traders are forced to close leveraged positions, causing a sudden surge in position liquidations.
Specifically, 2.6K BTC from long positions were liquidated, showing growing tension in the futures market.
Source: CryptoQuant
The negative turn in the derivatives market shows that fear is spreading among the investor community.
However, sentiment began to recover as BTC returned to $101,000. The Advanced Sentiment Index increased from 20% to 37%, while the Volume Delta decreased in negative depth, signaling a gradual stabilization of the market.
However, Volume Delta remains in the negative zone, indicating that the recovery is only partial. Investors are cautiously accumulating oversold positions, taking advantage of the price correction.
Source: CryptoQuant
Exchange Netflow data shows a return of buying activity as the number has turned slightly negative once again. As of press time, Exchange Netflow is hovering around 1.8K BTC, indicating a return of bottom-fishing money.
However, doubts remain in the market due to the risk of escalating tensions in the Middle East.
Potential next move of BTC
The recent decline and increased selling pressure came amid US strikes on three targets in Iran, putting the market on high alert.
If geopolitical tensions cool down, the possibility of a full recovery is very high, with buying pressure returning and BTC targeting the $104,238 area.
Conversely, if the conflict continues to escalate, market sentiment could turn more bearish, leading to a fresh decline. In this scenario, BTC is likely to find support around $97,766.
Source: https://tintucbitcoin.com/bitcoin-du-doan-xu-huong-btc-nhanh-chong/
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