ביטקאָין: אַססעססינג וואָס איז אין קראָם פֿאַר בטק קורץ-טערמין האָלדערס

• Bitcoin’s social activity continues to climb.
• However, this should not be taken as a bullish sign as the outlook remains predominantly bearish

Data from the cryptocurrency social analytics platform לונאַרקרוש revealed a surge in ביטקאָין ס [בטק] social activity following the collapse of cryptocurrency exchange FTX.

מיר זענען באמערקט געוואקסן # ביטקאָין social activity following the collapse of FTX.

And unlike some #altcoins (ie $ FTT & $ SOL) the activity is rather positive.

👉 אינפֿאָרמאַציע: https://t.co/es2fM7SmAD pic.twitter.com/0oaHhH1yt4

— LunarCrush (@LunarCrush) נאוועמבער קסנומקס, קסנומקס

According to LunarCrush, as of 16 November, the index for BTC’s average social dominance stood at 15.11%. While a spike in an asset’s social activity is usually a precursor to an imminent price rally, macro factors and general market conditions revealed that the king coin might not be well primed for the same just yet.

לייענען ביטקאָין ס [בטק] פּרייַז פּראָגנאָז 2022-2023

אין דער צייט פון שרייבן, בטק פארביטן הענט ביי $ 16,558.24, דאַטן פון קאָונמאַרקעטקאַפּ אנטפלעקט. 

Trading at its October 2020 level, BTC sellers continued to overpower buyers on the daily chart. This was made clear by BTC’s Directional Movement Index (DMI) position.

At the time of writing, BTC sellers’ strength (red) at 30.85 rested above the buyers’ (green) at 7.73. 

Additionally, the Average Directional Index (ADX) showed that buyers might need more help to revoke the sellers’ strength in the short term. 

Also, with the 20 Exponential Moving Average (EMA) positioned below the 50 EMA (yellow) line at press time, the severity of ongoing bear action in the BTC market is better appreciated. 

מקור: טראַדינגוויעוו

More Ls to come

לויט דאַטן פון די אַנאַליסיס פּלאַטפאָרמע אויף קייט קריפּטאָקוואַנט, the BTC exchange reserve on Binance had rallied in the past few days. This showed that investors took to depositing a net amount of their BTC holdings to Binance for the purposes of withdrawal since FTX collapsed.

מקור: CryptoQuant

In addition, BTC’s funding rates remained extremely negative as of this writing, per CryptoQuant. This revealed that negative bias continued to trail the leading coin as more holders bet on a further price decline.

מקור: CryptoQuant

In the past two days, investors’ sentiment about BTC remained negative as the king coin traded in the $16,000 and $16,500 price range. Data from סאַנטימענט showed that the asset’s weighted sentiment posted a negative -0.397, at press time.

As regards profitability, BTC’s MVRV ratio has remained negative since the collapse of FTX. This showed that holders saw losses on their investments, and any attempts to sell at the current price would be met with no gains on investments. 

מקור: סאַנטימענט

Much to the surprise, even BTC long-term holders were not spared, as data from גלאַסנאָדע showed that this cohort of investors experienced acute financial stress, holding an average of -33% in unrealized losses.

מקור: גלאַסנאָדע