The cryptocurrency market was shaken by Bitcoin's recent drop below $60,000, with a new wave of declines today, reaching a bottom of $57,000.
However, cryptocurrency analysis company Santiment painted a picture of hope in a new report published today.
According to analysts, the S&P 500 was not traded today due to the US markets being closed for Labor Day, and therefore the BTC price also observed recovery movements. According to analysts, the fact that the Bitcoin price is showing signs of growth independently of stocks is a promising development in terms of the strength of the sector.
This, when combined with rising trader bearish views and FUD, could be a promising sign that a bullish move is imminent, according to Santiment.
In addition, crypto analyst Ali Martinez also spoke about the future of BTC. According to Martinez, a jump in the buy/sell ratio on HTX was observed, which means aggressive buying. The analyst thinks that this is a sign of upward momentum in the coming days.
*This is not investment advice.