Cryptocurrencies

Bitcoin (BTC) faces “extensive level of FUD” on social media platform

Bitcoin (BTC) is facing an “extensive level of FUD” on social media platform X amid sideways trading at $65,000, according to data from cryptocurrency intelligence platform Santiment.

“This widespread level of FUD is rare as traders continue to drop out,” Santiment wrote in a June 20 article. FUD means fear, uncertainty and doubt.

She added: “The public is basically afraid or uninterested in Bitcoin because the prices range between $65,000 and $66,000. »

Bitcoin has fallen 3.57% over the past seven days. Source: CoinMarketCap

The price of Bitcoin has fluctuated between highs near $67,294 and lows around $64,180 over the past week, according to data from CoinMarketCap.

Santiment highlighted its weighted sentiment index – a metric that measures mentions of Bitcoin over X and compares the ratio of positive to negative comments – which has remained negative since May 23.

At press time, it stands at -0.738, indicating that Bitcoin signals are mostly negative on X.

However, positive events for Bitcoin, such as the approval of 11 spot Bitcoin ETFs on January 10 and the Bitcoin halving on April 20, saw the index reach positive levels, 4.49 and 2.35 , respectively.

Bitcoin reached its highest weighted sentiment level on January 10, reaching a score of 4.49. Source: Santiment

Negative sentiment towards Bitcoin on social media has come from all corners of the cryptocurrency community, including highly followed traders and analysts.

“Bitcoin has been in a sideways move for about 150 days since the halving,” Glassnode senior analyst James Check, also known as “Checkmatey,” wrote in a June 19 post.

“Months of sideways price action – the most boring phase of a bull market,” added pseudonymous crypto trader Gilly.

“Bitcoin is pretty boring right now,” added Cobb, a pseudonymous cryptocurrency trader.

about: Traders Unfazed by Bitcoin Levels Below $65,000, Say Bitcoin Price Remains “High and Stable”

Some believe that the long consolidation process could result in a significant rise in prices.

On June 13, Cointelegraph reported that Bitcoin was in its longest period of consolidation, at the time 92 days, with analysts saying that prolonged consolidation could prepare the asset for a “massive bull run.”

“In general, the longer the consolidation process, the greater the expansion afterwards,” wrote pseudonymous cryptocurrency trader Daan Crypto Trades.

Meanwhile, another measure of cryptocurrency market sentiment, the Fear and Greed Index, shows a greed reading of 63 at the time of writing, down 11 points over the past seven days.

While this metric also takes into account social media sentiment, it analyzes other factors such as volatility, market dynamics and volume, market dominance, and current trends.

review: Bitcoin’s “Second Layer” Isn’t a Second-Level Layer at All: That’s Why It’s Important

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.

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