Bitcoin has been experiencing an “extended level of FUD” on social media platform X while trading sideways at the $65,000 mark, based on data from cryptocurrency intelligence platform Santiment.
In a post on June 20, Santiment noted that this level of FUD, which stands for fear, uncertainty, and doubt, is unusual and traders continue to capitulate. The sentiment towards Bitcoin is mainly fearful or disinterested as prices fluctuate between $65K to $66K.
Over the past seven days, the price of Bitcoin has dropped by 3.57%. According to CoinMarketCap, Bitcoin has been trading between highs near $67,294 and lows around $64,180 over the last week.
Santiment cited its Weighted Sentiment Index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments. The index has remained negative since May 23, currently standing at -0.738, indicating a predominance of negative Bitcoin mentions on X.
Despite negative sentiment, positive events such as the approval of 11 spot Bitcoin exchange-traded funds on Jan. 10 and the Bitcoin halving on April 20 have seen the sentiment indicator spike to positive levels of 4.49 and 2.35, respectively.
The negative sentiment towards Bitcoin on social media has been expressed by various members of the crypto community, including traders and analysts with significant followings.
Glassnode lead analyst James Check, also known as “Checkmatey,” wrote in a June 19 post that Bitcoin has been in a ~150-day long sideways slog since the halving. Pseudonymous crypto trader Jelle echoed this sentiment, stating that Bitcoin is currently in the most boring phase of the bull market.
Some traders believe that the lengthy consolidation could be setting the stage for a significant price surge. Analysts have suggested that the extended steadiness could be preparing the asset for a massive upside rally.
Another crypto market sentiment gauge, the Fear and Greed Index, is currently showing a Greed reading of 63, down 11 points over the past seven days. This metric also takes into account social media sentiment, as well as other factors including volatility, market momentum and volume, market dominance, and current trends.
It’s important to note that this article does not contain investment advice or recommendations. All investment and trading decisions involve risk, and readers should conduct their own research before making any decisions.