Bitcoin spent exchanging above $51,000 for the majority portion of Tuesday as the stock market inclined significantly post growing positivity that the latest COVID-19 variant, omicron will be less damaging to the economy as perceived earlier.
Bitcoin’s Exchanging Volume was Low on Tuesday
Although, Bitcoin’s value has declined by the time of publication, it was slightly down in the past 24 hours. The leading cryptographic money in the crypto space, Bitcoin’s exchanging volume across the leading centralized exchange was also low on Tuesday. However, the second leading crypto, Ethereum was down by almost 1% in the same span of time.
Net realized profit/loss (NPL) takes the value at which bitcoin last traded on the blockchain assuming it was BTC’s purchasing price and divided the value of BTC when it changes to addresses again, that is the price Santiment assumes as the sell price.
As per the data from Santiment, a blockchain analytics firms, that the latest market crash over the weekend rose from a weak hand purge. However, Santiment explained during its analysis on Tuesday that the decline in NPL indicates a large amount of bitcoin transferred in the last weekend were being exchanged at a loss when compared to the last time they changed their addresses.
Bitcoin Exchanging Around $50K, up by 3%
Meanwhile, bitcoin is trying to reverse its weekend sell-off, though, its price might face short-term resistance around price range of $53,000 to $55,000. Currently, the crypto is exchanging around $50,000, jumped up by 3% in the last 24 hours.
Price momentum of bitcoin is still negative on the weekly chart, that indicates more time is required for BTC to strongly hit above its short-term downside trend. The relative strength index (RSI) on the four-hour inched up from extreme oversold levels, indicates that buyers can remain active during the short-term.