BTC Recovers After Falling to $15.8K in the Last 24 Hours

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• Santiment tweeted that BTC dropped below $15.8k for the first time in 2 years.
• Address activity for the crypto market leader spiked over the past weekend.
• The price of BTC now stands at $16,121.15 at press time.

The blockchain analysis firm Santiment posted a tweet this morning regarding the crypto market leader. According to the tweet, “Bitcoin dropped below $15.8k for the first time in 2 years.” The tweet also added: “Address activity spiked to its highest level in over 6 months.”

Bitcoin address activity (Source: Santiment)

As can be seen, by the chart shared by Satiment, Bitcoin’s address activity hit a 6-month high over the weekend. This is evidence of crowd capitulation.

At press time, the price of BTC stands at $16,121.15 following a 3.48% drop in price over the last 24 hours. This is according to the crypto market tracking website, CoinMarketCap. In addition to the 24-hour price drop, BTC’s price is now down 3.73% over the last 7 days.

BTC has, however, regained some of its dominance over the last 24 hours. Currently, BTC’s market dominance is 38.72%, which is an increase of approximately 0.37%, as altcoin price starts the week in the red.

After setting a daily high at $16,755.66, the price of BTC has retraced closer to its daily low at around $16,011.41. Trading volume for the crypto king has spiked as the daily trading volume stands at $29,028,577,404 after an 84.97% increase.

Daily chart for BTC/USDT (Source: CoinMarketCap)

BTC’s price attempted to break above the daily 9 EMA line yesterday but bears would not allow it as BTC’s price was redirected into a decline.

The attempt by BTC’s price to cross above the daily 9 EMA line was not the only failed bullish attempt made over the weekend as the daily MACD line attempted to cross above the daily MACD signal line, and the daily RSI line attempted to cross above the daily RSI SMA line.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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