Bitcoin

Impact

April

Time

The story has not been any much different for Bitcoin, with its price still <a href="https://www.newsbtc.com/bitcoin-news/timing-the-breakout-when-will-bitcoin-escape-the-post-halving-consolidation/" target="_blank" rel="noopener ">stuck in a consolidation range</a> in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago. 
The <a href="https://www.newsbtc.com/news/bitcoin/halving-block-bitcoin-840000/" target="_blank" rel="noopener ">halving event</a>, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC. 
<h2 id="strong-bitcoin-sell-calls-at-increased-rate-blockchain-firm-strong">Bitcoin Sell Calls At Increased Rate: Blockchain Firm</h2> 
According to a <a href="https://x.com/santimentfeed/status/1783969190090854457" target="_blank" rel="noopener nofollow">recent report</a> by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward $63,000. The relevant metric here is the “social volume” indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic. 
Santiment aggregated data of “buy or bullish”, “sell or bearish,” or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media. 
<img loading="lazy" decoding="async" class="aligncenter wp-image-605363 size-large" src="https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=860&amp;resize=860%2C559" alt="Bitcoin" width="860" height="559" srcset="https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=1199 1199w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=460 460w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=860&amp;resize=860%2C559 860w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/04/GMHt-WibIAAmF9y.jpeg?w=1140 1140w" sizes="(max-width: 860px) 100vw, 860px" data-recalc-dims="1"> 
According to Santiment, Bitcoin’s recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above $67,000). As shown in the chart above, the <a href="https://www.newsbtc.com/crypto/crypto-crashes-traders-react-buy-dip-calls/" target="_blank" rel="noopener ">social volume</a> for terms related to “sell” shot up after the price decline. 
Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher <a href="https://www.newsbtc.com/news/bitcoin/massive-move-for-bitcoin/" target="_blank" rel="noopener ">probability of a market rebound</a>. 
<h2 id="strong-almost-90-of-circulating-btc-in-profit-impact-on-price-strong">Almost 90% Of Circulating BTC In Profit – Impact On Price</h2> 
According to recent <a href="https://x.com/santimentfeed/status/1783900208579092489" target="_blank" rel="noopener nofollow">on-chain data</a>, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price. 
However, this <a href="https://www.newsbtc.com/news/cardano/cardano-crisis-or-comeback-adas-key-metric-hits-low-what-this-means-for-investors/" target="_blank" rel="noopener ">level of profitability</a> can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks. 
As of this writing, Bitcoin is valued at $63,077, reflecting a 2% price decline in the past 24 hours. 
<img loading="lazy" decoding="async" class="aligncenter size-medium" src="https://www.tradingview.com/x/NdUEAhvT/" alt="Bitcoin" width="2174" height="1434">

Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell?

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