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The price of bitcoin is starting to show signs resembling a market top, which indicates that selling pressure may be increasing. Stablecoin interest appears to be at a low level given that whales have not shown any movement in that direction despite an increase in social mentions. At the time of writing, the price of bitcoin is 30214.
The price of bitcoin has increased dramatically over the past few weeks, but it appears that the green candle streak may be coming to an end. On-chain data shows that while the cryptocurrency market appears to still be optimistic on the surface, more in-depth analysis reveals indicators that selling may be imminent.
Between the middle of March and the middle of April, the price of bitcoin saw a 50% surge in value. Due to this, the social volume of BTC has increased by 81% over the past 30 days when compared to the previous month.
However, stablecoins are also receiving a lot of social media attention, so the largest cryptocurrency in the world is not alone in this. This is typically a negative indication that suggests taking profits as traders perceive the market to be about to topple.
But even as social activity surrounding dollar-pegged assets increases, the whales don’t seem particularly interested. All top-cap stablecoin transactions over $100,000, which are often a sign of a whale movement, have fallen within expected ranges.
Additionally, there are fewer debates about cryptocurrency as a whole, however this doesn’t mean anything because FOMO could restart these discussions at any point.
