Bitcoin (BTC) extended its winning streak to a second day, holding over the $21,000 mark
According to an on-chain analytics company Saniment, Bitcoin saw the bulk of the weekend’s market talk centered around it as its price plunged below $18,000. “We often see major price reversals in precise correlation with high social volume rates, and BTC has surged +15.8% since then,” Santiment wrote in a note alongside the provided chart.
Cryptoanalyst Ali Martinez indicated in a recent tweet that the BTC Long/Short Ratio has declined to near 1.05 on Binance futures. He noted that nearly 48.87% of all traders with an open position in Bitcoin are net short. “This is good news as you want the crowd to be bearish when BTC rebounds,” the analyst noted.
Bitcoin podcaster Max Keizer has again shared his earlier predictions that Bitcoin could hit the $220,000 level this year.
Bitcoin price action
On Tuesday, Bitcoin (BTC) extended its winning streak to a second day, holding over the $21,000 mark in early signs of recovery. The price gains in Bitcoin led to recovery among crypto majors.
In the past 24 hours, Ethereum (ETH) has risen nearly 5% to $1,167, while Shiba Inu’s SHIB has jumped nearly 30%. A general rebound was generally seen for Defi and lending tokens. Aave (AAVE), Waves (WAVES) and Celsius Beleaguered (CEL) posted impressive gains of 25%, 33% and 55%, respectively. The total cryptocurrency market capitalization increased by 5% to $941 billion, according to CoinMarketCap.
Bitcoin prices fell to $17,599 on Saturday, marking the first time in the asset’s history that prices dipped below prior all-time highs. In a record-breaking 12th consecutive daily loss, Bitcoin plunged through several highly watched price levels to the lowest since late December 2020. The general market dip, according to analysts, was caused by deepening stress inside the crypto industry against a backdrop of monetary tightening.
The major cryptocurrency later recouped some of its losses and was trading at $21,442 at press time, up around 5%.
