• The traders’ discussion about Bitcoin was at a healthy level.
• Liquidity flowing into the futures market has been relatively modest.

For the past few weeks, Bitcoin [BTC] has been trading around $30,200 and a little below $29,000. With its price in a narrow range, it is not unusual to find BTC traders tangled between going bullish or succumbing to the bearish side.

Read Bitcoin’s [BTC] Price Prediction 2023-2024

Interestingly, Santiment’s 25 July analysis considered which flank traders are more likely to camp. In the on-chain analysis put forward by Brian Quinlivan, traders don’t seem to be worried about Bitcoin’s loss of the $30,000 psychological support level.

Bulls eyes over bears?

According to Quinlivan, this conclusion was because the social volume was based on the buy and sell sentiment. From the analysis, the number of bullish calls exceeded those appearing to call for the price top.

This means the average trader has aligned with the thought that BTC’s price, if the tight trading range exits, would trend upwards rather than downwards.

Furthermore, Bitcoin’s
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Author: Victor Olanrewaju

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