{"id":628598,"date":"2024-07-09T17:00:58","date_gmt":"2024-07-09T17:00:58","guid":{"rendered":"https:\/\/www.wncen.com\/?p=628598"},"modified":"2024-07-09T11:25:26","modified_gmt":"2024-07-09T11:25:26","slug":"bitcoin-crash-buying-the-dip","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/bitcoin\/bitcoin-crash-buying-the-dip\/","title":{"rendered":"Bitcoin Crash: Here\u2019s What The Data Says About Buying The Dip"},"content":{"rendered":"<p><span style=\"font-weight: 400\">The <\/span><a href=\"https:\/\/bitcoinist.com\/solana-bitcoin-sentiment-bearish-signal-buy-more\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">on-chain analytics platform Santiment<\/span><\/a><span style=\"font-weight: 400\"> has provided useful insights for investors considering buying the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoins-brutal-dip-5-mining-machines-profitable\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin dip<\/span><\/a><span style=\"font-weight: 400\">. The platform suggested that the worst might not be over as the flagship crypto could still experience further dips from its current price range.\u00a0<\/span><\/p>\n<h2>To Buy Or Not To Buy The Bitcoin Dip?<\/h2>\n<p><span style=\"font-weight: 400\">In an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/santimentfeed\/status\/64342779\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\">, Santiment mentioned to those considering buying the dip that market participants also anticipate a rebound. They added that these dramatic dips, like the one Bitcoin recently experienced, are usually met with <\/span><a href=\"https:\/\/bitcoinist.com\/why-the-recent-china-fud-is-bullish-for-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">FUD (Fear, Uncertainty, and Doubt)<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/analysis\/xrp\/xrp-price-repeat-of-2017\/\">XRP Price: Crypto Analyst Identifies \u2018Point Of Control\u2019 That Could See A Repeat Of 2017<\/a><\/div>\n<figure id=\"attachment_628600\" aria-describedby=\"caption-attachment-628600\" style=\"width: 460px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-628600\" src=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-crash-1.png?w=460&#038;resize=460%2C336\" alt=\"Bitcoin crash\" width=\"460\" height=\"336\" srcset=\"https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-crash-1.png?w=512 512w, https:\/\/www.wncen.com\/wp-content\/uploads\/2024\/07\/Bitcoin-crash-1.png?w=460 460w\" sizes=\"(max-width: 460px) 100vw, 460px\"><figcaption id=\"caption-attachment-628600\" class=\"wp-caption-text\">Source: Santiment<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">This suggests that those looking to buy the Bitcoin dip may have to be careful as Bitcoin could dip further due to those waiting to offload their holdings out of panic once the flagship crypto recovers. Regarding FUD, there have also been calls that Bitcoin could still <\/span><a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/peter-brandt-bitcoin-44000\/\"><span style=\"font-weight: 400\">drop to the $40,000 range<\/span><\/a><span style=\"font-weight: 400\">. As such, such statements could prove bearish for Bitcoin\u2019s price, causing it to further decline.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Meanwhile, Santiment noted that Bitcoin usually recovers from such dramatic dips after the average trader has given up hope on crypto. <\/span><a href=\"https:\/\/bitcoinist.com\/can-dogecoin-reach-0-2\/#:~:text=Crypto%20Analyst%20Reveals%20Bearish%20Expectations,-by%20Scott%20Matherson&amp;text=Crypto%20analyst%20CrediBULL%20Crypto%20has,low%20as%20%240.5%20soon%20enough.\" rel=\"nofollow\"><span style=\"font-weight: 400\">Crypto analyst CrediBULL Crypto<\/span><\/a><span style=\"font-weight: 400\"> also had some words for those looking to buy the dip at Bitcoin\u2019s current price range. He mentioned in an <\/span><a href=\"https:\/\/x.com\/CredibleCrypto\/status\/33126679\" rel=\"nofollow\"><span style=\"font-weight: 400\">X post<\/span><\/a><span style=\"font-weight: 400\"> that anyone looking to buy at these current price levels must be okay with being \u201cunderwater\u201d for a while.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">He added that anyone uncomfortable with being underwater for a while should wait until some positive price action develops. He noted that this positive price action could ideally come in the \u201cform of a major liquidation flush (<\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-open-interest-high\/#:~:text=The%20open%20interest%20measures%20all,all%2Dtime%20high%20is%20important.\" rel=\"nofollow\"><span style=\"font-weight: 400\">open interest<\/span><\/a><span style=\"font-weight: 400\"> reset) or some LTF impulsive price action.\u201d\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The crypto analyst also addressed spot Bitcoin buyers. He assured them that they need not worry about this current price range, claiming that Bitcoin could drop lower on the higher time frame (HTF) without invalidating the HTF bullish structure. Based on Bitcoin\u2019s bullish structure, he mentioned that the price correction following this downtrend will send the <\/span><a href=\"https:\/\/bitcoinist.com\/standard-chartered-100000-bitcoin-pre-us-elections\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">flagship crypto to $100,000<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<h2>Institutional Investors Are Buying The Dip<\/h2>\n<p><span style=\"font-weight: 400\">Recent data from Farside investors shows that <\/span><a href=\"https:\/\/www.wncen.com\/news\/bitcoin\/institutional-buyers-of-bitcoin\/\"><span style=\"font-weight: 400\">institutional investors<\/span><\/a><span style=\"font-weight: 400\"> are buying the Bitcoin dip. On July 8, the Spot Bitcoin ETFs recorded total net inflows of $294.8 million. <\/span><a href=\"https:\/\/bitcoinist.com\/blackrock-bitcoin-etf-ibit-registers-zero-inflows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">BlackRock\u2019s IBIT<\/span><\/a><span style=\"font-weight: 400\">, <\/span><a href=\"https:\/\/bitcoinist.com\/fidelity-gbtc-spot-bitcoin-etfs\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Fidelity\u2019s FBTC<\/span><\/a><span style=\"font-weight: 400\">, and <\/span><a href=\"https:\/\/bitcoinist.com\/grayscale-ceo-gbtc-fees\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Grayscale\u2019s GBTC<\/span><\/a><span style=\"font-weight: 400\"> all recorded impressive net inflows of $187.2 million, $61.5 million, and $25.1 million, respectively.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.wncen.com\/news\/finance-ceo-raoul-pal-says-crypto-will-reach-100-trillion-market-cap-heres-when\/\">Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When<\/a><\/div>\n<p><span style=\"font-weight: 400\">These <\/span><a href=\"https:\/\/bitcoinist.com\/breaking-spot-bitcoin-etfs-approved-by-us-sec\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\"> also recorded net inflows of $143 million on July 5, which marked a turnaround considering that they had experienced two consecutive days of outflows before then. These inflows into Bitcoin have contributed to the recent price rebound that the flagship crypto has witnessed.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin is trading at around $57,100, up over 2% in the last 24 hours, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/9Gy9O8Kl\/\" alt=\"Bitcoin price chart from Tradingview.com\" width=\"3286\" height=\"1578\"><figcaption class=\"wp-caption-text\">BTC price drops toward $57,000 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">BTCUSD on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The on-chain analytics platform Santiment has provided useful insights for investors considering buying the Bitcoin dip. The platform suggested that the worst might not be over as the flagship crypto could still experience further dips from its current price range.\u00a0 To Buy Or Not To Buy The Bitcoin Dip? In an X (formerly Twitter) post, Santiment mentioned to those considering buying the dip that market participants also anticipate a rebound. They added that these dramatic dips, like the one Bitcoin recently experienced, are usually met with FUD (Fear, Uncertainty, and Doubt). Related Reading: XRP Price: Crypto Analyst Identifies \u2018Point Of Control\u2019 That Could See A Repeat Of 2017 This suggests that those looking to buy the Bitcoin dip may have to be careful as Bitcoin could dip further due to those waiting to offload their holdings out of panic once the flagship crypto recovers. Regarding FUD, there have also been calls that Bitcoin could still drop to the $40,000 range. As such, such statements could prove bearish for Bitcoin\u2019s price, causing it to further decline.\u00a0 Meanwhile, Santiment noted that Bitcoin usually recovers from such dramatic dips after the average trader has given up hope on crypto. Crypto analyst CrediBULL Crypto also had some words for those looking to buy the dip at Bitcoin\u2019s current price range. He mentioned in an X post that anyone looking to buy at these current price levels must be okay with being \u201cunderwater\u201d for a while.\u00a0 He added that anyone uncomfortable with being underwater for a while should wait until some positive price action develops. He noted that this positive price action could ideally come in the \u201cform of a major liquidation flush (open interest reset) or some LTF impulsive price action.\u201d\u00a0 The crypto analyst also addressed spot Bitcoin buyers. He assured them that they need not worry about this current price range, claiming that Bitcoin could drop lower on the higher time frame (HTF) without invalidating the HTF bullish structure. Based on Bitcoin\u2019s bullish structure, he mentioned that the price correction following this downtrend will send the flagship crypto to $100,000.\u00a0 Institutional Investors Are Buying The Dip Recent data from Farside investors shows that institutional investors are buying the Bitcoin dip. On July 8, the Spot Bitcoin ETFs recorded total net inflows of $294.8 million. BlackRock\u2019s IBIT, Fidelity\u2019s FBTC, and Grayscale\u2019s GBTC all recorded impressive net inflows of $187.2 million, $61.5 million, and $25.1 million, respectively.\u00a0 Related Reading: Finance CEO Raoul Pal Says Crypto Will Reach $100 Trillion Market Cap \u2013 Here\u2019s When These Spot Bitcoin ETFs also recorded net inflows of $143 million on July 5, which marked a turnaround considering that they had experienced two consecutive days of outflows before then. These inflows into Bitcoin have contributed to the recent price rebound that the flagship crypto has witnessed.\u00a0 At the time of writing, Bitcoin is trading at around $57,100, up over 2% in the last 24 hours, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":628607,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-628598","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n<title>Bitcoin Crash: Here\u2019s What The Data Says About Buying The 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Matherson\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.wncen.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/3d21ae3d2529ce2df4466b61ea80b449?s=96&d=mm&r=g\",\"caption\":\"Scott Matherson\"},\"description\":\"Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. 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