The strong recovery of Bitcoin after the meltdown in the middle of March investors has revived the basis of Bitcoin, and led to a positive sentiment among the market participants.This positivity is probably due to the bull market against the Backdrop of global instability, with comments from legendary investors including Paul Tudor Jones, the value of the crypto-currency more.The Benchmark crypto-currency is now approaching rapidly for several years, the falling trend line, which has hindered their growth.
It is possible that the growing investor sentiment in an increased buying activity among small investors, which contributes, ultimately, to the crypto-currency to this resistance over drift.
Bitcoin-market participants are increasingly bullish
Although Bitcoin is currently in a consolidation phase of $ 9.700, this was not enough, the buyer of the crypto to hold currency to increasingly rely on rising prices.
Newly released data from The TIE – a analysis platform for crypto-currencies – indicate that the topic of Bitcoin on Social Media discussion platforms, be increased, during the discussion the participants at the same time an increasingly positive mood on the day.
“Not only the number of Twitter users who are discussing about Bitcoin, is increasing, but also the mood of those who invest in Bitcoin, recently reached the highest level since 2017. (The graphic shows the 30-day average of the daily mood values are compared to the price)“.
Data from The TIE, also show that the increase in the volume of Tweets originated in connection with Bitcoin of unique accounts. This shows that the market participation rates have risen in recent months, together with the price of BTC.
“Not only the Tweets have increased, but also the percentage of the BTC-Tweets from Unique Accounts increased in the year 2020. While Bitcoin has had in the year 2018, significantly more Tweets than it is today, has increased the percentage of Tweets from individual accounts from 35% in may 2018, and today ~50%“.
Investor sentiment is improving, as BTC is pushing against the main trend
This increased discussion activity around Bitcoin could also be a Symbol of an increased buying activity by small investors, which supports the short-term Trend of crypto-currency.
Should this be the case, it could be the Benchmark crypto-currency is soon able to overcome a strong resistance, which has driven their price in the last few years to the bottom.
The respected Analyst Josh Rager writes-to-date on Twitter about this trend line and points on a graph, according to the Bitcoin is currently trying to smash you.
“BTC-day trend line from 2017 on a logarithmic line chart is still in the game. Must be over $ 10,000, COPS close”.
Image courtesy of Josh Rager
As of 2017, seen, small investors have a tremendous Power over Bitcoin, and their participation in the market should not be underestimated.