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Crypto Analytics Firm Says One Bitcoin Metric Has Turned Bearish – But There’s a Catch

Crypto Analytics Firm Says One Bitcoin Metric Has Turned Bearish – But There’s a Catch

Crypto Analytics Firm Says One Bitcoin Metric Has Turned Bearish – But There’s a Catch

Cryptocurrency analysis platform Santiment says a key metric is pointing to bearish sentiment for Bitcoin (BTC). Santiment says that Bitcoin’s social dominance, or discussion rate, currently stands at 13.15% compared to altcoins.

According to for Analytics platform, cryptocurrency prices usually start to increase when the level of social dominance is above 20%. Sentiment goes on to say that long-term traders are currently waiting for the flagship crypto asset’s level of social dominance to rise again from before potentially re-entering. the market.

“Traders are chasing short-term pumps to avoid losses. Weak hands have left cryptocurrencies in 2022, and long-term traders are waiting for Bitcoin to regain attention. When BTC’s social dominance is high, prices tend to rise.

Bitcoin is trading at $19,155 at the time of writing, down 3.44% from the previous day. The crypto analytics platform also says it has noticed that digital asset prices have moved against prevailing market sentiment so far this month.

According to Sentiment, excessive bearish sentiment has caused cryptocurrency prices to surge, while excessive bullish sentiment has caused cryptocurrency prices to fall. Calls are being made.

When social platforms show too much bearish sentiment, prices rise. When bullish, prices go down.

 

 

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