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The world’s largest cryptocurrency Bitcoin (BTC) has continued to stay under pressure and is trading close to $19,000 which remains its crucial support. The discussion rate around Bitcoin has dropped to a seven-month low.
On-chain data provider Santiment notes that the discussion rates for Bitcoin have been on a constant decline while other altcoins are taking up the charge. The Santiment report notes:
The percentage of discussions related to #Bitcoin, among top 100 assets, is at just 12.8%. This is the lowest week in 7 months. And for a 10th straight week, the crowd is #bearish toward $BTC. Both are historically favorable of price bottoms occurring.
The data provider further added that Bitcoin’s relative price action has become very much boring over the last four months due to the lack of whale presence. The lack of BTC whale participation has also led to lesser volatility for the world’s largest cryptocurrency. Currently, Bitcoin whale transactions have dropped to a two-year low.
The data provider noted: “$BTC transactions valued at $100k+ and $1m+ have fallen to levels last seen in 2020″.
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