Bitcoin is currently experiencing an overwhelming amount of fear, uncertainty, and doubt (FUD) on the social media platform X as it continues to trade sideways around the $65,000 mark, as per data from cryptocurrency intelligence platform Santiment.
In a post on June 20, Santiment noted that this level of FUD is unusual, with many traders giving in to these negative emotions. The general sentiment towards Bitcoin on X is one of fear or disinterest, especially as the prices hover between $65,000 to $66,000.
Over the past week, Bitcoin has seen a 3.57% decrease in its value, fluctuating between highs near $67,294 and lows around $64,180, according to data from CoinMarketCap.
Santiment highlighted its Weighted Sentiment Index, a measure of Bitcoin mentions on X that compares positive to negative comments, which has remained negative since May 23. Currently standing at -0.738, it indicates a prevailing negative sentiment towards Bitcoin on the platform.
Despite this negativity, there have been positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on Jan. 10 and the Bitcoin halving on April 20, which saw the sentiment indicator spike to positive levels of 4.49 and 2.35, respectively.
The negative sentiment towards Bitcoin on social media is widespread within the crypto community, with traders and analysts expressing their boredom with the current sideways price action that Bitcoin has been experiencing for the past 60 days.
Some traders believe that this period of consolidation could be paving the way for a significant price surge in the near future. Analysts suggest that prolonged consolidation often leads to a larger expansion in price movement.
In addition, the Fear and Greed Index, another sentiment gauge for the crypto market, currently shows a Greed reading of 63, down 11 points over the past week. This index considers various factors such as volatility, market momentum, volume, market dominance, and current trends.
It’s important to note that this article does not provide investment advice. Every investment decision carries risks, and readers should conduct their own research before making any financial decisions.