On April 23, COINOTAG News reported insights from on-chain data analyst Murphy regarding recent trends in cryptocurrency markets. Utilizing the **Relative Strength Index (RSI)** from Glassnode, evidence suggests that **Bitcoin (BTC)** has experienced increased engagement from **new buyers** since its recent price correction. Following a significant dip, these investors began capitalizing on lower prices, contributing to a robust inversion in market sentiment. Notably, while profit-taking was observed between April 8 and April 15, this activity did not deter the subsequent **price rebound**, indicating an early recovery in market confidence as sellers opted to retain their positions.
In contrast, the situation surrounding **Ethereum (ETH)** appears less optimistic. Data indicates a stagnation in new buyer activity, particularly since February. During the period of April 10 to April 16, notable selling pressure emerged from centralized investors, yet this trend subsided as prices subsequently stabilized. Despite these challenges, some committed investors have persistently sought to acquire ETH during market downturns, a trend notable since March 26. Understanding these behavioral patterns, as defined by Glassnode’s categorization, provides essential insights into market dynamics and emotional investor responses.