Is the Crypto Market Correction Good or Bad for Bitcoin and Ethereum? Santiment Analyzes the Price Dip

Is the Crypto Market Correction Good or Bad for Bitcoin and Ethereum? Santiment Analyzes the Price Dip


Crypto market intelligence platform Santiment says the impact of this week’s cryptocurrency market crash on Bitcoin (BTC) and Ethereum (ETH) could go either way.

The blockchain analytics firm says it has noticed both bullish and bearish signs.

“I’ve seen some TA analysts set $38k as strong support. On the flip side, I’ve also seen a flood of ‘buy the dip’ tweets in the hours after the drop. Looking at the on-chain and social activity of top caps, it’s looking like a ‘good news, bad news’ kind of situation for the time being.”

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Santiment says Ethereum is moving from individual addresses to known exchange wallets, which points to potential sell pressure.                            

“Starting with network data, yesterday’s dump has left some signs of weak hand shakeout, which could be a positive sign for the bulls. 

Source: Sanbase

The firm says that Bitcoin’s network realized profit/loss (NPL) dropped

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