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In its latest analysis video, cryptocurrency analytics company Santiment evaluated current developments in the cryptocurrency market, the impact of geopolitical risks, and key on-chain data.
Santiment analyst Brian Quinlivan stated that the cryptocurrency market experienced a “volatile” week. He noted that tensions between the US, Iran, and Israel, in particular, created significant uncertainty in the markets.
According to the analyst, news of such conflicts undermines confidence in the market and causes investors to seek “safe havens.”
Bitcoin reportedly reached its highest level in the last month in the middle of the week, climbing to $74,000, but this rise was described as a “bull trap.” When Bitcoin reached $74,000, it was observed that large investors quickly took profits, and retail investors then sold off.
As a positive development, it was noted that the supply of Bitcoin on exchanges has fallen to its lowest level since December 2017 (approximately 5.88%), indicating a trend towards long-term holding. It was also noted that the phrase “altcoin season” on social media has dropped to its lowest level in the last 3-5 years. Santiment pointed out that moments when public expectations have fallen so low can often herald significant price increases.
Dogecoin and other memecoins reportedly experienced a brief surge following low social media interest, but subsequently saw a 10.5% decline across the sector.
*This is not investment advice.