Bitcoin Sentiment in Venezuela Negative, BTC Post Double Digit Losses

Dalmas Ngetich

1 year ago

2 mins read

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Bitcoin (BTC) down 10.7 percent
Venezuelans lambast Bitcoin

Struggling against rampant sellers, Bitcoin is in a downtrend. In the last day, the coin is down 10.7 percent in 24 hours, but with criticism from Venezuela and Latin America, BTC could print lower in days ahead.

Bitcoin Price Analysis

Fundamentals

Social media activity is a metric that gauges impact of a product through buzz and sentiment. Analysis can reveal some interesting facts about especially in digital assets like Bitcoin where hype plays a part. In other case, it reveals what people perceive of emerging but disruptive technologies.

While the US dominate discussions around Bitcoin and cryptocurrencies in general, new studies reveal that the world’s most valuable currency is not as popular in South America as previously thought.

Struggling against inflation-and in some cases hyperinflation like in Venezuela, a new study by The Tie reveals otherwise. In a report, The Geography of Crypto Twitter: An In-Depth Look at Bitcoin, Ethereum, Litecoin, XRP, and Bitcoin Cash, of the 113,685 tweets few from Latin America were positive about Bitcoin.

Only Peru with 93.1 percent of their tweet over the seven days of testing painted Bitcoin in a good light. Interestingly, despite reports of Bitcoin’s role as a safe haven in Venezuela, citizens were openly critical of Bitcoin. An extract of the statement reads:

With the exception of Peru, where 93.1% of tweets are the positive sentiment on Bitcoin in South America is extremely low relative to the rest of the world.

Ecuador 37.5%
Brazil 39.65%
Venezuela 40.26%
Argentina 40.78%

Candlestick Arrangement

Like most cryptocurrencies, Bitcoin is under pressure. Aside from consolidating against the USD in recent days, prices are back retesting the minor support line at $11,200. Besides, it is back to the middle Bollinger Band (BB), the flexible support of the first half of 2019.

As it is, there is a weakness. However, in a more optimistic assessment, buyers will be in control assuming there is sharp rally, lifting prices above $14,000 or June 2019. Because of candlestick arrangements, sellers have the upper hand.

Therefore, while bullish, odds are BTC prices will print lower in days ahead. If there is confirmation of today’s sellers and as prices slip below $11,200 confirming losses of June 27, bears should load on pullbacks with targets at $9,500.

Technical Indicators

Affirming bears is a break and close below June 26 low of $11,200. Behind this meltdown should be high trading volumes exceeding 82k of June 26. If that prints, BTC will likely fall to $9,500 as aforementioned.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.