Positive commentary toward Bitcoin has dwindled despite the recent uptick in the mid-sized crypto market. According to the platform, many traders, especially on Binance, are initiating shorts in anticipation of a drop in BTC’s value. Bullish sentiments about Bitcoin’s price have decreased to one-third of the levels observed four months earlier. Data also indicates a growing number of traders betting against Bitcoin’s short-term rise.
This trend emerged on July 5 when Bitcoin experienced a sharp decline below $54,000. This coincided with significant sell-off pressure from the German government and initial BTC transfers by Mt. Gox. During this period, holders withdrew BTC worth $3.8 billion from exchanges, leading to a price surge from around $56,000 to over $65,000.
More recently, on July 16, Bitcoin holders once again withdrew a substantial amount of BTC, totaling $3.4 billion. Although prices have dipped from their weekly highs, the movement of BTC from exchanges suggests that holders plan to hodl, a trend that has historically positively impacted prices.
