The stabilization period in the Bitcoin (BTC) market continued to make a negative opinion recently on Twitter, as Santiment admits.
Encryption analytics company explained:
“Twitter’s view of Bitcoin is still negative in terms of volume and tone, which our algorithm invigorates. Usually, when negativity occurs, the price level rises higher to warn the crowd.”
Nevertheless, Santiment noted that this trend could trigger an upswing, leading to a surprise market.
Bitcoin’s Twitter opinion is negative, which may be related to the short-term interest in the leading cryptocurrency abandoned 43% after reaching an all-time record in February.
In addition, the number of addresses that have kept BTC for less than a month has fallen by 59% since February as volatility plummeted. Low volatility has swallowed the BTC market, and this phenomenon is due in part to China’s increased anti-cryptography.
Bitcoin’s millions of addresses continue to rise
Still, Santiment added that BTC’s millionth address level, with 100 to 10,000 bitcoins, is constantly climbing. It is their holdings that have increased by 100,000 BTC since May 21st.
Chain analyst Will Clemente reiterated these feelings. He stated:
“Bitcoin whales have added +76,441 BTC to their holdings in the last two weeks.”
Therefore, it shows that the long-term investment outlook for Bitcoin whales remains strong.
Meanwhile, Jackson City, the eighth largest city in the U.S. state of Tennessee, is looking for alternatives allowing its residents pay property tax in Bitcoin. In addition, city employees are allowed to pay BTC based on the average cost per dollar (DCA).
DCA is an investment strategy in which the investor allocates the total amount invested to periodic purchases of the target resource in order to reduce the effect of volatility on the overall purchase.
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