Bitcoin Showing Signs of Potential Bounce: Crypto Analytics Firm Santiment

Bitcoin Showing Signs of Potential Bounce: Crypto Analytics Firm Santiment


Prominent crypto analytics firm Santiment is revealing some potential signs that Bitcoin may be ready for a bounce up in price after weeks of sideways trading. 

Santiment shares two metrics on Twitter with its 77,600 followers that suggest Bitcoin sellers are starting to lose steam. 

 

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“The amount of daily inflow of Bitcoin to known exchange wallets, as well as the total supply of BTC on exchanges, have experienced a sharp 50-day drop, which may point to diminishing sell-side pressure.”

Source: Santiment

Additionally, Santiment points out that Bitcoin’s funding rate on the crypto exchange BitMEX has veered positive as traders remain indecisive as to whether Bitcoin’s price can recover. The analytics firm indicates that this pattern of negativity and excess shorting has usually been matched by quick price bounces every time it sinks too low. 

Source: Santiment

According to Santiment’s chart, a positive BitMEX funding rate tends to align with Bitcoin rallies.

The analytics firm is also keeping an

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