Bitcoin price experienced a record low in June as Santimnet‘s Bitcoin social sentiment is also indicating a red alert after Bitcoin dropped its price below $65K.
Data from the cryptocurrency intelligence platform Santiment show facing an “extended level of Fear, Uncertainty, and Doubt(FUD)” as Bitcoin trades around the $65K mark.
“This extended level of FUD is rare, as traders continue to capitulate,” Santment stated in a 20 June X post.
During the last 7 days, bitcoin prices went high to the $67,294 mark and experienced a low at $64,180, as per the data collected from CoinMarketCap.
Santiment highlighted its Weighted Sentiment Index, which tracks Bitcoin mentions on X and compares the ratio of positive to negative comments, noting it has stayed negative since May 23.
At the time of writing, the Weighted Sentiment index stands at -0.738, indicating that Bitcoin mentions are mostly negative on X.
Bitcoin remained positive after approving 11 spot Bitcoin ETFs on 10 January, and the Halving event on April 20 boosted the positivity level to 4.49 and 2.35, respectively.
Bitcoin Faces Widespread Negative Sentiment Amid Extended Consolidation Phase
Bitcoin is surrounded by negative sentiments coming from throughout the community including investors, traders, and analysts, with a significant following.
James Check, aka, Glassnode lead analyst, posted on X in a June 19 post.
“Months of sideways price action — the most boring phase of the bull market,” Jelly added.
“Bitcoin is pretty boring right now,” crypto trader Trader Cobb added.
Some analysts believe that the extended time of Bitcoin trading around $65,000 may be an indication of a major price surge.
Bitcoin is now in the 92-day consolidation phase, while analysts believe that this long phase may be the drop before the “massive upside rally.”
“Generally, the longer a consolidation, the larger the expansion afterward,” Daan Crypto Trades wrote on X.
Another crypto market sentiment gauge, the Fear and Greed Index, shows a Greed level of 63 right now, down 11 points over the past week. This index also looks at social media sentiment but includes other factors like volatility, market momentum and volume, market dominance, and current trends.
