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Bitcoin Massive Amount Of Profit Taken Transactions Stopping BTC To Regain $40K Mark

Albert Brown

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Bitcoin is not performing well.

On-chain data analytics platform, Santiment, has revealed via Twitter that the first two hours of Monday crypto trading show that the BTC ratio of daily on-chain transaction volume in profit to loss is 12.5 to 1.

More BTC transactions are in the loss territory than in the profit territory. Hence, Santiment opines that traders are losing confidence about the possibility of the leading crypto reaching and sustaining the $40K levels.



Nevertheless, veteran crypto analyst, Matthew Hyland, remarked that BTC has never spent 15 months above a price only to retest it again. Hence, if it dips below the $28.8K level, it would be a first in its history. January 2021 was the last time, BTC traded at sub $28K levels.

Also, for the 5th successive week, BTC is having a red candlestick close on the weekly chart according to crypto copy trading platform, Bitget. Thus, closing is lower than its open every week of last month. It implies that BTC has been trending in the same price channel since the beginning of the year.

Furthermore, the tool which measures BTC investor market sentiment, the BTC fear and greed index is currently at the ‘fear’ position, with a score of 28. This current index indicates that the market sentiment is bullish toward the leading cryptocurrency.

This current index indicates a buying opportunity since most investors are worried or fearful about investing in the leading cryptocurrency. Up until yesterday, the index has been in the extreme fear position.

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