Bitcoin price recently made a new low and is now making a recovery effort. However, the analytics company is sharing important BTC data pointing to a potential new drop.
Bitcoin (BTC) charts show a potential bearish pattern. One such warning came from crypto analytics company Santiment. Santiment reports that 1.69 million Bitcoins worth $33 billion at the current price were moved to exchanges between September 7 and September 13. This means: BTC holders send their coins to exchanges to sell. This data shows the highest flow of coins to exchanges on a weekly basis since October 2021. Santiment also shares this data, warning of a potential bear situation.
Research by Santiment for 2021 shows that. Coin flows to cryptocurrency exchanges generally have a 5% drop on the BTC price. To make this calculation, the analytics company watched the price movements of 1,000 assets worth at least $1 billion.
Santiment also assesses the general market situation. Accordingly, this week, traders showed no interest in buying dips. This points to the fear and uncertainty in the market.
The report states:
"After yesterday's big drop, crypto traders are worried about definitive dips after fear of inflation. Buying interest is very low right now. Especially after the price spike three days ago. This is an indicator of FUD (fear and uncertainty)."
Bitcoin price is currently trading around $20,000. BTC price has dropped by 7 percent in the last 7 days. It's also 70% lower than the $69,000 peak it recorded in November last year.