It may be that the bears have fully emerged from their winter slumber, as Bitcoin (BTC) is sustaining its consolidation phase despite a flashy performance in the last month.
Read CRYPTONEWSLAND onIn fact, according to Santiment, BTC bull traders are now trading at a loss. As shown in the chart below, the rate of loss is twice the rate of profit, which indicates that some traders are giving up on the bull case in the short-term scenario.
This sentiment is also backed up by BTC’s daily chart showing market indecisiveness causing failed attempts to hit the $29,000 resistance. What is more, trading volumes are going down, which spells further bad news for bulls.
Regardless, staunch believers like Michael Saylor are stacking up sats in anticipation of a bull run possibly next year. On March 23, MicroStrategy purchased 6,455 bitcoins for $150 million, adding up to its treasury of almost 140,000 BTC.
In addition, Balaji Srinivasan’s $1 million bitcoin bet is still on, although many crypto fans, including BTC bulls, believe that it is unlikely for the chief crypto to reach that amount in 90 days.
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