BTC Price: Bitcoin Experiences Prolonged FUD Surge on X Platform — Santiment

BTC Price: Bitcoin Facing Rare ‘Extended Level’ of FUD on X — Santiment

Crypto News- Bitcoin has been grappling with an “extended level of FUD” on the social media platform X, while its price hovers around the $65,000 mark, according to data from the cryptocurrency intelligence platform Santiment.

“This extended level of FUD is rare, as traders continue to capitulate,” Santiment reported in a June 20 post on X. FUD, which stands for fear, uncertainty, and doubt, appears to be the prevailing sentiment.

Sentiment Turns Sour Amidst Price Stagnation

The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K

Santiment

Over the last week, Bitcoin’s price has fluctuated between highs near $67,294 and lows around $64,180, as per CoinMarketCap data.

Santiment highlighted its Weighted Sentiment Index, a metric that tracks Bitcoin mentions on X and compares the ratio of positive to negative comments. Since May 23, this index has remained in negative territory. As of the time of publication, the index stands at -0.738, indicating a predominantly negative sentiment toward Bitcoin on X.

Positive Developments Fail to Sustain Positive Sentiment

Despite positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on January 10 and the Bitcoin halving on April 20, which temporarily spiked the sentiment to 4.49 and 2.35 respectively, the overall mood has turned negative. This negative sentiment spans across the crypto community, including traders and analysts with substantial followings.

Bitcoin is around 60 days into a ~150-day long sideways slog since the halving

James Check

Pseudonymous crypto trader Jelle commented, “Months of sideways price action — the most boring phase of the bull market,” while another trader, Trader Cobb, added, “Bitcoin is pretty boring right now.”

Extended Consolidation May Precede a Surge

Some analysts believe the lengthy consolidation phase might precede a significant price surge. On June 13, Cointelegraph reported that Bitcoin was in its longest consolidation period at 92 days, with analysts suggesting this extended stability could lead to a “massive upside rally.”

“Generally, the longer a consolidation, the larger the expansion afterward,” wrote pseudonymous crypto trader Daan Crypto Trades.

Fear and Greed Index Reflects Mixed Sentiment

Meanwhile, the Fear and Greed Index, another measure of crypto market sentiment, is currently showing a Greed reading of 63, down 11 points over the past week. This index takes into account various factors such as social media sentiment, volatility, market momentum and volume, market dominance, and current trends.

FAQs: Bitcoin and Social Media Sentiment

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