The cryptocurrency market was caught in a dry spell in the past month but is currently staging a rebound. Does data point to a bottom in January?
) has fared worse, dropping 30% in this same timeframe. This edition of the Market Insight’s newsletter takes a deeper look at the data behind the cryptocurrency market’s performance in the past month.
There has been a healthy and expected amount of tokens moved since October 2021. When prices were falling during the first half of January, the month lacked the necessary circulation to keep prices above $40,000. However, on average, the month of January presented a semi-bullish signal after some dip buying and increased activity.
The culprit of this massive uptick in realized profit apparently was revealed to be related to Bitcoin that was stolen in the 2016 Bitfinex exchange hack. These coins were moved on the morning of the same day, and the receiving address of these coins contains 94,643 BTC.From the third week of January, traders began placing large quantities of short positions, as Bitcoin’s price dropped below $34,000 for the first time since July.
Negative trader sentiment is generally a sign that price bottoms are getting close, particularly when sentiment drops into the red “fear zone,” as illustrated above.
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