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Here’s What Santiment Discovers While Analyzing Social Media Text Volumes of Bitcoin

According to crypto sentiment analysis firm Santiment, it has been observed that the price of Bitcoin (BTC) often tends to move in the opposite direction of what traders anticipate.

Santiment reported that on the previous Sunday, Bitcoin experienced a brief bounce, reaching a price of nearly $27,300. This occurred as traders on social media expressed their “disbelief” regarding the price movement.

However, the current situation has changed, and optimism has made a comeback in the market today.

Santiment pointed out in their tweet that this surge in optimism seems to be leading to a market top.

According to data from CoinGecko, at the time of writing, Bitcoin had experienced a decline of

approximately 2.2% in the past 24 hours, with its trading price hovering around the $26,700 mark.

Over the past week, the price of Bitcoin has remained relatively unchanged, indicating a week of

unusually stable prices for the cryptocurrency.

Bitcoin price past 30 days.

The general belief is to trade against the crowd when sentiment reaches extreme levels on either the bullish or bearish side.

Alongside Santiment, another commonly utilized tool in the cryptocurrency space is the Bitcoin Fear & Greed Index.

This index takes into account various factors such as social media activity, Google searches, price momentum, and volatility to gauge the overall sentiment of market participants. It serves as an additional resource for traders and investors to assess the prevailing sentiment surrounding Bitcoin.

As of the time of writing, the Bitcoin Fear & Greed Index is precisely at 50, which indicates a state of neutral sentiment among market participants.

This suggests a balanced outlook with neither excessive fear nor greed prevailing in the market.

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