Bitcoin (BTC) Looks Poised for a Dip, According to Analytics Firm Santiment
As Bitcoin (BTC) continues its upward trajectory, analytics firm Santiment has raised a flag of caution, suggesting that the cryptocurrency may be due for a dip. The firm has observed a surge in crowd sentiment towards BTC, reaching greedy levels following the recent price gains.
Santiment warns that such exuberance often precedes local tops in the market. The timing of a potential correction could vary, depending on the actions of large investors known as whales. The firm advises traders not to expect opportunities to rebuy BTC at significantly lower levels like $50,000 or $60,000 without global economic indicators showing signs of distress.
At the time of writing, BTC is trading at $65,935, reflecting a more than 4% increase over the past week.
Ethereum (ETH) Fees on the Rise, But Sentiment Remains Stable
Turning to Ethereum (ETH), Santiment highlights a recent uptick in transaction fees for the second-largest cryptocurrency. Despite the fee increases, sentiment towards ETH has remained steady.
The firm notes that the current rise in fees is unlikely to pose a significant barrier to Ethereum’s usability in the short term. Instead, it signifies healthy growth in network activity within the DeFi and speculative trading sectors of the Ethereum ecosystem.
ETH is currently trading at $2,698, showing a nearly 3% increase in the past 24 hours.
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