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Bitcoin: Gauging what the market top is as the rally weakens
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BTC has dipped by close to 10% over the last 24 hours, dropping below $60k for the first time in three weeks. This Bitcoin-led market crash pulled down the global cryptocurrency market cap to $2.55 trillion, down by over 10% in just a few days.
While this move has affected Bitcoin’s charts and led to several signs of “weak hand” sell-offs, a curious and opposing social sentiment has taken over market participants.
On one hand, social sentiment seems largely bullish as ‘buy the dip’ chants took over Twitter. On the other hand, many analysts presented the bearish possibility of $69k being the market top.
Even though the crypto’s trajectory, of late, has sent tremors down the market, whether $69k is in fact the market top remains uncertain.
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