Crypto-traders become Beerarish after Bitcoin and Ethereum struggled to maintain recent profits, according to various statistics on the chain.
According to CryptoSlate Data, Bitcoin has fallen almost 7% in the past week and trades at $ 113,479 from the moment of press. Ethereum has experienced an even sharper drop, lost 10% in the same time frame and floats around $ 4,269.
The decline is not limited to the two most popular digital assets. Other top 10 cryptocurrencies due to market capitalization, including Solana, XRP, Dogecoin and Cardano, have also lost double digits in the last seven days.
The sudden reversal marks a grim change compared to bullish optimism that dominated the sentiment of investors a few weeks ago. According to Coinperps factsThis has led to the Crypto Fear & Greed Index falling to 52, the lowest level since June.
Additional 20 August data from Santiment confirm the weak market sentiment. The company pointed out that Social Media Sentiments on Bitcoin had reached their lowest level since 22 June, when geopolitical tensions in panic.
It added:
“Retail traders have done a complete 180 after Bitcoin did not succeed in gathering and fallen below $ 113,000.”
In the meantime, the Bearish mood seems to have influenced trade behavior.
Coinglass facts Show that more than 50% of Bitcoin positions are currently short, indicating that most traders expect further price decrease. In the meantime, 48% of traders have maintained active long positions in the past day.
In fact, crypto gamblers on prediction platforms such as polymarket increasingly assign A 60% chance that Bitcoin could fall to $ 111,000 or lower.
Crypto research platform Kronos assertions That the market jits arose for concern about the potential rate reduction of the Federal Reserve in September.
According to the company:
“Powell’s Jackson Hole address remains the most important potential pivot point [for the crypto market]: Dovish language can cause a rebound, ragless tones can cause deeper corrections. “
In particular the interest markets signal a strong chance of relaxing, with the CME Fedwatch facts The probability shows at 81%.