11 hour ago
1 0
BEARISH 📉 : Social Media Increases Bearish Bitcoin Calls Amid Price Decline
Recent activity on social media shows an increase in calls for Bitcoin prices to fall below $60,000, indicating growing fear among retail traders.
Key Points
- Santiment's analysis of Bitcoin's Social Volume highlights increased mentions of bearish price levels ($50,000 to $59,000) compared to bullish ones ($90,000 to $99,000).
- A shift towards bearish sentiment occurred at the end of last month, coinciding with a temporary cooling of Bitcoin’s decline and a minor price rebound.
- The trend suggests that Bitcoin may often move in the opposite direction to mainstream trader sentiment, implying potential for a short-term relief rally.
The Bitcoin supply on centralized exchanges has increased, with 34,000 BTC returning since January 19th, as per CryptoQuant’s data, suggesting potential selling pressure.
Current Bitcoin Price
Bitcoin's price continues to decline, currently at $73,600.
