- Bitcoin reaches new high, nearing last bull market peak by 20%.
- Santiment warns of potential negative impact from BitForex withdrawal issues.
- Bitcoin’s dominance may rise if small investors chase meme coins’ value.
Santiment, a prominent market analysis company, has suggested a negative indicator despite the current positive mood in the cryptocurrency market. The crypto market has recovered its positive outlook as Bitcoin
Market monitoring tools indicate that Bitcoin’s value has climbed to $56,728, an increase from the 24-hour low of $50,931. Santiment has observed that, given Bitcoin’s present market status, the cryptocurrency is just a 20% increase short of surpassing the peak of the last bull market, which was reached approximately 27 months earlier.
Additionally, the market intelligence platform emphasized that, at this critical point, there is an exceptionally high level of trader interest in BTC, while alternative cryptocurrencies are momentarily being given less attention.
Additionally, Santiment noted that in past instances when resistance levels had been exceeded in this bull market, gains from Bitcoin typically flowed into riskier investments. Nevertheless, it mentioned that should smaller investors try to exceed big players and begin inflating the value of meme coins, there could be a sustained rise in Bitcoin’s market dominance.
At the same time, the analytical platform highlighted a negative aspect that might counteract the positive sentiment in the market. Specifically, Santiment referred to a recent event concerning the BitForex exchange, in which the service unexpectedly stopped allowing users to withdraw funds without any advance warning. This event came after questionable transactions were observed, with $56.5 million vanishing from BitForex’s hot wallets.
Santiment indicates that the current positive sentiment surrounding Bitcoin might experience a brief halt, contingent upon the degree of concern among the public. Presently, Bitcoin is valued at approximately $56,500, having experienced a notable increase of 10.5% in the last 24 hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
