Bitcoin (BTC) Continues To Lose Out Amid Existing FUD
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- Bitcoin’s network growth has been declining since the price dropped from $49,000.
- A successful close above the $43,284 resistance could send BTC to $44,000
- Buyers could not sustain the momentum, suggesting possible consolidation.
Bitcoin (BTC) is seeing a decline in the number of new addresses joining the network, a revelation by on-chain analytic provider ‘Santiment’ disclosed. According to Santiment, Bitcoin wallets with more than zero coins had not climbed for weeks, indicating a drop in network growth.
It is noteworthy to mention that this has been the case since the U.S. Securities and Exchange Commission (SEC) approved all 11 Bitcoin ETFs. But since the price of BTC jumped to $49,000 and later tumbled, market players have remained less interested in the coin.
— Santiment (@santimentfeed) February 7, 2024
#Bitcoin's wallets (with greater than 0 coins) are still declining as #crypto nears 4 weeks since the #SEC's 11 Spot #ETF approvals. This can be attributed to crowd #FUD, and less interest in direct $BTC ownership due to other investment alternatives. https://t.co/tjnjELxGw1 pic.twitter.com/xRymU7C0ro
This stance also meant that liquidity …
The post Bitcoin (BTC) Continues To Lose Out Amid Existing FUD appeared first on Coin Edition.
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Coins
$ 64.32K
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