Bitcoin [$BTC] has been written off many times over the years, but the top crypto has always bounced back. In fact, weak phases often reveal where else traders are looking.
Interestingly, right now, activity in smaller altcoins is starting to pick up!
Bitcoin has survived 472 death calls since 2011!
Bitcoin has been called “dead” 472 times since 2011, but here’s the interesting bit –
These calls came across multiple market cycles, from moments when $BTC traded near $0.11 to periods when it was above $117,000. In that same journey, Bitcoin has grown by about 701,300 times, or over 70 million percent!
That does not mean every dip should be ignored though. Bitcoin has gone through corrections, slowness, and sentiment changes. However, the repeated “Bitcoin is dead” narrative has often appeared during moments of fear.
Weak sentiment has been a regular part of Bitcoin’s history, but it certainly was not the end.
Where are the traders looking in times of fear?
Right now, the market looks slow, volumes are lower and confidence is not exactly at its peak.
However, here’s something noteworthy – Exchange volumes are rising in altcoins outside the top five assets! That’s Bitcoin [$BTC], Ethereum [ETH], Solana [SOL], XRP and Binance Coin [BNB].
Traders aren’t quite waiting for an altseason, taking positions early while the market is still quiet. Even so, interest in smaller coins hasn’t really disappeared.
Bitcoin’s weak pace
$BTC was trading at around $74,773, down about 1.39% at press time. The pressure has been building after failed attempts to hold higher levels.
The pace has certainly been wobbly. The RSI was near 39, implying that Bitcoin’s not deeply oversold yet; just below the neutral zone.
The CMF was slightly negative at -0.05, so money flow did not support the move at the time of writing.
So, while altcoin activity is picking up, Bitcoin itself still needs stronger buying pressure.
Final Summary
- Bitcoin has survived 472 “death” calls since 2011!
- Traders have been rotating into smaller coins in times of weakness.