Bitcoin Sentiment Falls To Its Most Negative Point Since 2020 — What This Means For BTC Price ⋆ ZyCrypto - BitcoinEthereumNews.com
The Russia-Ukraine crisis rattled various markets, igniting contrasting reactions in traders‘ and analysts’ sentiments. According to recent data by the blockchain analytics company Santiment, the general sentiment toward Bitcoin has dipped to its most negative point since October 2020. This metric implies that most traders and market pundits are engulfed in extreme fear, and they expect BTC to decline in the coming weeks. Bitcoin funding rates tend to skew toward short-selling, revealing the bearish expectations in most traders. Although the dominant sentiment toward BTC is negative, its market price continues to increase, hitting $45,000 yesterday. Historical data confirms a close correlation between the dynamics of BTC‘s weighted sentiments and prices, although some time lag may still exist in this regard. Santiment’s analysts claim that the level of fear, uncertainty, and doubt has declined to the minimum level since the begining of Russias invasion of Ukraine. The major practical implication of this “FUD” is the envisioned BTC price correction in the coming days. The technical analysis has highlighted the resistance level of $40,000-$43,000 that was overcome by the recent Bitcoin price movement. However, the current FUD Index suggests the risks of a rapid price correction in the near term. स्रोत: सेंटिमेंट Santiment‘s analysis reveals several