Bitcoin Price To Face Further Selling Pressure?
In a new post on the X platform, prominent crypto analyst Ali Martinez revealed that Bitcoin investors have been transferring their assets to centralized exchanges in recent days. The relevant indicator here is CryptoQuant’s Exchange Reserve metric, which tracks the total amount of a particular cryptocurrency held on all exchanges.
Price Rebound Imminent For BTC: Santiment
Fortunately, it is not all gloom for the Bitcoin price at the moment. Prominent on-chain analytics platform Santiment has offered a positive outlook for the price of the market leader.
According to the blockchain firm, Bitcoin’s recovery following dips in the past two weeks has been short-lived. Santiment believes that a price rebound is imminent for the premier cryptocurrency.
The rationale behind this analysis is based on two factors; the recent negative sentiment from the crowd and the low relative strength index (RSI). Santiment said in its post:
But note the continued negative sentiment pouring in from the crowd, indicating their patience is wearing thin. This, along with a low RSI of just 36, are strong indications a bounce is close.
