Santiment, a market intelligence platform, took to Twitter to share its insights into the recent performance of Bitcoin (BTC) in the last 24 hours. According to the platform, the drop in BTC’s value below $30k is being exaggerated as it is considered a significant psychological level for the cryptocurrency. This has led many traders to believe that BTC is heading further down. However, Santiment pointed out that despite the drop, BTC’s volatility has not been this low since January this year. The platform advised traders to “zoom out” and look at the bigger picture.
Currently, BTC is trading at $29,737.70, which is a 0.61% drop in value over the last 24 hours. The cryptocurrency is trading between its daily high of $29,947.89 and its 24-hour low of $29,154.85. This decline has caused BTC’s weekly performance to drop by 1.20% over the last seven days. Additionally, BTC has weakened against Ethereum (ETH) by 1.11% in the last day. Despite this, BTC’s 24-hour trading volume has increased by more than 15% and is currently at $17,080,177,347.
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BTC’s recent drop below $30k has caused concern among traders as it is a significant psychological level for the cryptocurrency. However, Santiment’s analysis suggests that the drop is being exaggerated and that BTC’s volatility has not been this low since January this year. The platform advises traders to look at the bigger picture and not panic.
Despite the recent drop in value, BTC’s 24-hour trading volume has increased by more than 15%, indicating that there is still significant interest in the cryptocurrency. However, BTC’s weekly performance has dropped by 1.20% over the last seven days, and it has weakened against Ethereum by 1.11% in the last day. Traders are advised to conduct their own research and due diligence before making any investment decisions.
