Bitcoin

<p>Earlier today, the world’s largest cryptocurrency <a href="https://coingape.com/bitcoin-price-drops-as-powell-signals-delay-in-interest-rate-cuts/" target="_blank" rel="noopener">Bitcoin experienced a further 2% decline</a>, reaching as low as $61,600. However, in recent hours, Bitcoin has displayed a notable recovery, now trading at approximately $63,916, accompanied by a market capitalization of $1.26 trillion.</p> 
<h3 id="bitcoin-bull-vs-bear-ratio-skewed-to-the-negative">Bitcoin Bull vs Bear Ratio Skewed To The Negative</h3> 
<p>According to insights from on-chain data provider Santiment, sentiment surrounding Bitcoin has notably soured following its recent dip to $61.5K over the weekend. The prevailing ratio of bearish to bullish comments reflects this negativity, suggesting a climate of apprehension among traders.</p> 
<p>The market’s response, however, has been somewhat contrary to these sentiments, with a rebound observed despite the prevailing fear, uncertainty, and doubt among traders. This divergence from the crowd’s expectations, characterized by panic selling, indicates a potential trend reversal.</p> 
<p>Analysts anticipate this trend to persist until the fervor and anticipation surrounding the upcoming <a href="https://coingape.com/glossary/bitcoin-halving/" target="_blank" rel="noopener">Bitcoin halving</a> event once again dominate social media conversations, reminiscent of the discourse observed in the preceding weeks.</p> 
<figure id="attachment_191942" aria-describedby="caption-attachment-191942" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-191942" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD.jpeg" alt="" width="2530" height="1759" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD.jpeg 2530w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-300x209.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-1224x851.jpeg 1224w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-768x534.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-1536x1068.jpeg 1536w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-2048x1424.jpeg 2048w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-BTC-FUD-150x104.jpeg 150w" sizes="(max-width: 2530px) 100vw, 2530px">
 <figcaption id="caption-attachment-191942" class="wp-caption-text">
  Courtesy: <a href="https://twitter.com/santimentfeed/status/1780356750350438898" target="_blank" rel="noopener">Santiment</a>
 </figcaption>
</figure> 
<h3 id="62-000-remains-the-crucial-support">$62,000 Remains the Crucial Support</h3> 
<p>Crypto analyst Ali Martinez highlights the significance of key price levels for BTC, as per the Unspent Bitcoin Realized Price Distribution (URPD). Martinez emphasizes that $62,000 serves as a critical support zone for Bitcoin. A breach of this level could potentially redirect attention towards the next significant demand area, estimated to be around $51,500.</p> 
<p><img decoding="async" class="aligncenter size-full wp-image-191948" src="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-UTXO.jpeg" alt="" width="1200" height="638" srcset="https://coingape.com/wp-content/uploads/2024/04/Bitcoin-UTXO.jpeg 1200w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-UTXO-300x160.jpeg 300w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-UTXO-768x408.jpeg 768w, https://coingape.com/wp-content/uploads/2024/04/Bitcoin-UTXO-150x80.jpeg 150w" sizes="(max-width: 1200px) 100vw, 1200px"></p> 
<p>Conversely, Martinez points out that a resurgence in Bitcoin’s price, with a climb back above $66,250, holds the potential to considerably enhance the likelihood of reinvigorating the ongoing bull run in the market. If the <a href="https://coingape.com/price/bitcoin/" target="_blank" rel="noopener">Bitcoin price</a> manages to break past the resistance of $66,000, the next price targets are $79,000 and $86,000!</p> 
<p>Furthermore, Martinez stated that there’s been a significant alteration in the Bitcoin Accumulation Trend Score, marking a notable change for the first time since October 2023. The score now stands at 0.27, indicating a shift in the behavior of <a href="https://coingape.com/markets/bitcoin-price-analysis-why-are-whales-selling-btc-ahead-of-halving/" target="_blank" rel="noopener">Bitcoin whales</a>. This change suggests that these whales may be either distributing their holdings or refraining from accumulating more BTC at the moment.</p> 
<p>The post <a href="https://coingape.com/bitcoin-bulls-vs-bear-ratio-skewed-to-the-negative-why-62000-is-crucial-support/">analyzing Bitcoin Bulls vs Bear Ratio, Why $62,000 Is Crucial Support?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

analyzing Bitcoin Bulls vs Bear Ratio, Why $62,000 Is Crucial Support?

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