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Bitcoin Traders Hesitant to Buy Longer-Term Dips as Market Sentiment Remains Weak

According to on-chain analytics provider Santiment, Bitcoin traders have been hesitant to buy longer-term dips despite buying short-term, small price dips. The lack of mentions of "buying the dip" suggests weak market sentiment. Santiment also reported an increase in selling at a loss among crypto holders, with the majority of crypto assets flashing under-bought signals. Bitcoin prices have fallen to the golden Fibonacci ratio of -61.8% at $26,200, and remain bearish in the short term. The crypto market fell to a ten-week low on May 25, with total capitalization at $1.14 trillion, and has only marginally recovered during the Friday morning Asian trading session.


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