Bitcoin’s ‘Rare’ Underperformance Hints At Possible Bullish Rebound In an X post on Friday, prominent blockchain analytics company Santiment provided some intriguing insights into Bitcoin’s recent price behavior. Santiment stated Bitcoin is largely behind the S&P 500 and other equities in relation to price performance, a development which they described as a "rare sight” over the last three years. As earlier stated, Bitcoin’s current massive price dip can be attributed to a large-scale market sell-off mainly by the German Government who have now completely offloaded their total BTC holdings valued at $2.9 billion. Furthermore, the defunct crypto exchange Mt.
For context, Santiment explains that Bitcoin has declined by 19.4% in the last five weeks while the S&P 500 has recorded a 5.4% gain within that same period. However, as this development has been a rare occurrence in the last three years as both assets usually moved in tandem, Santiment suggests Bitcoin may experience a "bullish catch-up period.” Related Reading: Bitcoin Price Trajectory Remains Bearish, $49,000 Liquidity Zone Looms As Next Downside Target Bitcoin To Challenge 1.5-Month Downtrend In other news, crypto analyst Rekt Capital has noted that Bitcoin is currently battling to end a downtrend stretching over the last one-and-a-half month.
Bitcoin has managed to record some price gains in the last week following a brutal market sell-off at the start of July which saw the crypto market leader lose 10% of its price on July 5. At the moment, analysts continue to roll out observations and predictions that suggest that Bitcoin may soon pull off a market rebound and perhaps eventually embark on a highly-expected bull run.
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