Bitcoin Trading Like a ‘High Beta' But Social Sentiment Remains Subdued

A move to $11,200 could signal the “start of a move down” but during the last bull market, BTC held its weekly 21 EMA.

After a somber start of the week, Bitcoin is all set to end it on a higher note.

In the late hours of Thursday, the leading digital currency started recovering and went above $10,800. Since then, we have been keeping around $10,700 in the green on the back of just over $1 billion ‘real’ trading volume.

Altcoins are also feeling the gains with YFI around $29,500 and more cryptos in green than red.

According to trader @SmartContracter, however, over the next few days, a decline from $11,200 will signal the start of a move down and “not the end of it.” “Will be looking to short 10.9k and only longing if 11.2k is taken out again although I suspect it wont,” he said.

Many still expect that a move below $10k might not come, given that during the last bull market, the flagship cryptocurrency kept holding its weekly 21 EMA.

What’s disappointing is BTC’s weighted social sentiment for Twitter, “which measures the positive/negative ratio of comments multiplied by the overall frequency of comments.”

It is currently sitting at a 2-year low, showing a clear pattern of non-believers in the community after the crypto market experienced an aggressive retracement over the past few days.

However, “this level of negativity can often lead to a positive rally, as we're seeing thus far today. Markets most commonly follow the path of least expected,” noted crypto data provider Santiment.

Still, it’s worth mentioning that the upcoming US Presidential elections, in early November, spells uncertainty and volatility across the markets. All the markets are acting like the same, whether it’s stock, gold, bond, or crypto.

“It's really all the same at the moment. Crypto is simply trading like a high beta, and Defi like the highest beta of them all,” said trader and economist Alex Kruger.

But bitcoin’s correlation with the equity market is short-term, which many believe will soon end. The number of bitcoin entities, which is organic growth as opposed to hedge funds and whale trades moving capital in and out of BTC as they trade and hedge positions, continues to grow that will make sure of it.

Bitcoin (BTC) Live Price

1 BTC/USD =19,045.0598 change ~ 3.42

Coin Market Cap

353.35 Billion

24 Hour Volume

51.28 Billion

24 Hour Change

3.42

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,511FansLike
2,795FollowersFollow
4,272FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today