CandleFocus Bitcoin’s Sell-Side Risk Ratio Plummets Amid ‘Profit-Taking Exhaustion’
2024-09-12
Author: Content Editor
The cryptocurrency market, particularly Bitcoin, is experiencing turbulence as the sell-side risk ratio decreases, signifying potential volatility. Analysts suggest that profit-taking may be coming to an end, leading to increased price fluctuations similar to 2019. Bitcoin's price has dropped to below $57,000 from a high of over $64,000 last month, and a significant sell-off caused market sentiment to dip into "extreme fear." The Crypto Fear & Greed Index, a measure of investor confidence, dropped to 22. Additionally, a mystery trader made a $10 million profit from betting on rising volatility. Furthermore, historical data indicates that September has often seen negative returns for Bitcoin, with only six positive Septembers recorded over the past 13 years.
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