- Santiment believes BTC’s drop below $30k “may seem like a bigger deal than it is.”
- The crypto market leader’s volatility has not been this low since the second week of January this year.
- BTC is currently trading hands at $29,737.70 after a 0.61% price drop.
The market intelligence platform, Santiment (@santimentfeed), shared a post on Twitter this morning with regards to Bitcoin’s (BTC) performance over the last 24 hours. According to the post, BTC’s drop below $30k is being made out to be a bigger issue than it really is.
BTC weekly price volatility (Source: Santiment)
According to Santiment, this is mostly due to the fact that $30k is an important psychological level for BTC. Dropping below this level could thus mean that many traders believe BTC is on its way down.
Although this could be true in most cases, Santiment pointed out the fact that despite BTC now trading below $30k, the crypto market leader’s volatility has not been this low since the start of January this year. Santiment concluded the post by stating that when traders are in doubt, it is sometimes best to just “zoom out” and take a look at the bigger picture.
BTC price (Source: CoinMarketCap)
CoinMarketCap indicates that BTC is currently trading hands at $29,737.70 after a 0.61% price drop over the last 24 hours. BTC is currently trading between its 24-hour low of $29,154.85 and its daily high of $29,947.89.
This price decline flipped the crypto king’s weekly performance into the red, as BTC is now down 1.20% over the last seven days. BTC also weakened against Ethereum (ETH) over the last day by about 1.11%. Meanwhile, BTC’s 24-hour trading volume is currently in the green zone, and stands at $17,080,177,347 after a more than 15% increase.
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