Just days ago, bulls were celebrating the fact that Bitcoin had climbed over the $45k resistance and seemed ready to take on $48k. However, the tables turned rapidly and Bitcoin crashed through not just the $45k level, but the $44k level as well. The crypto community is panicking, but there’s more to take notice of first.
Took a BIT of a fall there
At press time, the flagship coin was trading at $43,503.05, after falling by 4.16% in the last 24 hours and diving by 7.96% in the past week. This naturally left many reeling from shock and the exchanges bore the brunt of traders’ decisions.
According to Glassnode, daily on-chain exchange volume on 7 April saw a spike in Bitcoin outflows, as around $406.8 million left the exchanges.
📊 Daily On-Chain Exchange Flow#Bitcoin $BTC
➡️ $1.3B in
⬅️ $1.7B out
📉 Net flow: -$406.8M#Ethereum $ETH
➡️ $896.7M in
⬅️ $969.5M out
📉 Net flow: -$72.8M#Tether (ERC20) $USDT
➡️ $1.2B in
⬅️ $1.1B out
📈 Net flow: +$101.6Mhttps://t.co/dk2HbGwhVw
— glassnode alerts (@glassnodealerts) April 7, 2022
So admittedly, some dip buying is taking place, just as social dominance metrics and profit/loss transaction ratios hinted at in recent days. However, investors are still far from happy. Santiment’s data revealed that weighted sentiment was not only deep in negative territory, but clocking in at -2.139: a low that was last crossed in March 2020. For reference, this was when Bitcoin was trading at around $5,000. Conclusion? Investors are shattered and it will be hard to walk this one off.
Not surprisingly, the Bitcoin Fear and Greed Index recorded a value of 34, signaling fear.
What’s more, this atmosphere of fear could have a harsh effect on not just Bitcoin’s price, but the movement of previously dormant coins. The charts showed that BTC which had been sleeping for more than a year was suddenly starting to make movements from 1 February. These spikes continued through February and March as Bitcoin gradually rallied, but tapered off as the king coin fell yet again.
Por los amigos ausentes!
Or. . .”to absent friends!” That’s what many will be saying at the 2022 Bitcoin Conference, as El Salvador’s President Nayib Bukele confirmed he was pulling out due to “unforeseen circumstances” at home.
At press time, El Salvador was in a state of emergency as the administration arrested around 6,000 people alleged to be involved with criminal gangs. However, activists and journalists have condemned the Bitcoin trading President, claiming that his policies were a crackdown on media and civilian freedoms.
We’re sharing a letter from President @nayibbukele who is unfortunately no longer able to attend Bitcoin 2022 due to unforeseen circumstances in El Salvador which require his urgent attention. We stand in solidarity with the Salvadorian people during these difficult times. READ: pic.twitter.com/wbFXMY60c0
— Bitcoin 2022 (@TheBitcoinConf) April 6, 2022