Time To ‘Buy The Dip’? This Is What Crypto Traders Are Up To

At a time when cryptocurrencies including Bitcoin display high volatility, a section of traders seem planning to buy the dip. In the last one week alone, Bitcoin (BTC) showed a gap of 11.15% between weekly high and low price range. In this context, the last few weeks saw a lack of social activity around buying the dip. But recent data showed a huge spike in daily social dominance metric for ‘buy the dip’ mentions. The BTC market cap currently stands at $317 billion, compared with the monthly high of $431 billion.

Is It Time To Buy The Dip?

Despite setbacks on several fronts, there is a community of ‘buy the dip’ supporters. The current bear market cycle is faced by unprecedented regulatory pressure and negative macroeconomic scenario. Bitcoin’s unprecedented levels of low whale holdings reflects the dwindling confidence in price revival in near future. Currently, the BTC whale holdings are at 29 month lows, as per on chain data.

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