- Bitcoin sentiment drops amid market volatility and price movement.
- Retail panic leads to negative sentiment dominance.
- Atypical smart money accumulation noted by analysts.
Bitcoin’s social sentiment has hit a four-year low as prices hover near the 200-week moving average of $58,000. Santiment reports a decline in bullish commentary, despite ‘smart money’ still accumulating BTC amidst market uncertainty.
Bitcoin’s social sentiment index, powered by Santiment data, shows a severe downturn alongside its price nearing the 200-week moving average around $58,000. Analysts note the drop in bullish commentary against bearish narratives.
Despite the deteriorating social sentiment, there is no direct commentary from prominent figures in the Bitcoin space. Analyst Ali noted this low sentiment coinciding with Bitcoin’s price nearing the 200-week MA, yet broader industry leadership remains muted.
Bitcoin social sentiment at 4-year low per Santiment, with price nearing 200-week MA.
The sentiment index points to a prevalent retail panic while showcasing atypical smart money accumulation despite public fear.
Bitcoin’s price has been retracing, marking significant price fluctuations in the past months.
Bitcoin’s price dropped below $77.7K by January end, marking a 39% decline from its previous all-time high. Market capitalization rose slightly to $1.36T, reflecting brief price recoveries. Analysts compare current trends to the 2022 downturn, highlighting the historical significance of the 200-week MA as a potential bottom. The bearish sentiment mirrors past market adversities.
Despite adverse sentiments, traditional institutional and regulatory entities have made no official statements on the social sentiment drop. Regulatory perspectives remain interesting to watch as sentiment analysis evolves.
