The mood of the Bitcoin market participants remains negative, despite the rise in the rate to $ 11,000
Reflective Market Sentiment Metrics Remain Low Despite Bitcoin Recovery To $ 11,000.
Weighted Bitcoin sentiment on social media is now at a two-year low, according to analyst firm Santiment. The calculation is based on the total number of mentions of Bitcoin on Twitter and the ratio of positive to negative mentions.
Market sentiment rose as Bitcoin began to recover from the mid-March crash. Most of May, June and July, when the first cryptocurrency traded in a narrow range of about $ 9,000, they were in the negative zone..
According to Santiment, extremely negative sentiment often coincides with the onset of a rally, while excessive enthusiasm may indicate a market peaking..
Bitcoin climbed to its peak this year in mid-August around $ 12,400, but has so far failed to surpass last year’s high of $ 13,800. On this basis, some analysts argue that a lower high over long periods does not allow the current market to be considered bullish..
The Greed and Fear Index – another indicator of a similar plan – currently shows 48 points, which corresponds to the neutral state of the market. The indicator is calculated based on a number of factors, including volatility, momentum, volume, social media activity and current trend. Most of August, the index was in the zone of “extreme greed” around 80. Lows were recorded in March and April, when the market was in a state of “extreme fear”.
The TradingView platform also has its own indicators. On the daily and weekly intervals for the BTCUSD pair, they tend to buy.
In the moment publications bitcoin is trading about $ 10,900, having increased by 1% per day.
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