Bitcoin [BTC] has been depreciated many times over the years, but the top crypto has always bounced back. In fact, weak phases often reveal what else traders are looking at.
Interestingly, at this point, activity in smaller altcoins is starting to increase!
Bitcoin has survived 472 death calls since 2011!
Bitcoin has been called “Dead” 472 times since 2011, but here’s the interesting part:
These calls occurred across multiple market cycles, from times when BTC was trading near $0.11 to periods when it was above $117,000. During that same journey, Bitcoin has grown approximately 701,300 times, or more than 70 million percent!
However, that doesn’t mean that every dip should be ignored. Bitcoin has undergone corrections, sluggishness and sentiment changes. However, the repeated “Bitcoin is dead” narrative has often appeared during moments of fear.
Weak sentiment has been a part of Bitcoin’s history, but it certainly wasn’t the end.
Where do the traders look in times of fear?
Right now the market seems sluggish, volumes are lower and confidence is not yet at its peak.
However, here’s something remarkable: exchange volumes are rising in altcoins outside the top five assets! That’s Bitcoin [BTC]Ethereum [ETH]Solana [SOL]XRP and Binance Coin [BNB].
Traders don’t really wait for an altseason and take positions early while the market is still calm. Yet interest in smaller coins has not really disappeared.
Bitcoin’s weak pace
BTC was trading around $74,773, down about 1.39% at the time of writing. Pressure has increased after failed attempts to maintain higher levels.
The pace was definitely shaky. The RSI was near 39, implying that Bitcoin is not yet deeply oversold; just below the neutral zone.
The CMF was slightly negative at -0.05, so the flow of funds was not supporting this move at the time of writing.
So while altcoin activity is increasing, Bitcoin itself still needs stronger buying pressure.
Final summary
- Bitcoin has survived 472 ‘death’ calls since 2011!
- Traders have turned to smaller coins in times of weakness.