Bitcoin FOMO: Social Media Users Calling To Buy Sub-$66,000 Dip

Data shows that traders on social media have been calling to buy during the latest Bitcoin dip below $66,000, a sign that FOMO is active in the market. Bitcoin Investors Are Displaying FOMO After The Recent Decline As the analytics firm Santiment pointed out in a new post on X, the recent drawdown in the [...]

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Bitcoin Sell Calls Going Through The Roof: But Is It Really Time To Sell?

The story has not been any much different for Bitcoin, with its price still stuck in a consolidation range in the past week. The sluggishness of the premier cryptocurrency – and the general market – has continued despite the completion of the halving event over a week ago. The halving event, which saw mining rewards take a significant cut, was expected to usher in another round of bullishness for the Bitcoin price. On the contrary, investors appear to be getting frustrated with the slow activity of the market, with many calling for the dump of BTC. Bitcoin Sell Calls At Increased Rate: Blockchain Firm According to a recent report by on-chain analytics firm Santiment, investors are increasingly calling for the sale of Bitcoin across social media following its latest drop toward $63,000. The relevant metric here is the social volume indicator, which tracks the number of unique posts and messages on different social platforms that mention a specific topic. Related Reading: Ethereum Withdrawals From Exchanges Top 260,000 ETH What This Means For Price Santiment aggregated data of buy or bullish, sell or bearish, or related mentions for the premier cryptocurrency over the past week. The on-chain analytics then highlighted a shift in the trend, with the bearish calls looking to drown out the bullish noise on social media. Social volume for Bitcoin over the past week | Source: Santiment/X According to Santiment, Bitcoins recent fall to $63,000 resulted in the lowest level of buy and bullish calls since April 21st (just before BTC recovered back above $67,000). As shown in the chart above, the social volume for terms related to sell shot up after the price decline. Typically, the increased bearish mentions of Bitcoin suggest a rising level of FUD (fear, uncertainty, and doubt) amongst investors. However, when traders seemingly become frustrated and impatient, there is usually a higher probability of a market rebound. Almost 90% Of Circulating BTC In Profit – Impact On Price According to recent on-chain data, about 90% of Bitcoin in supply is in profit. On the surface, this basically implies that the most current holders of the premier cryptocurrency bought at a lower price compared to the current price. Related Reading: Brace For Price Impact: Dogecoin Whales Move Massive 456 Million DOGE To Exchanges However, this level of profitability can also be an overbought signal, especially after bullish periods like the one that occurred between October 2023 and March 2024. Ultimately, this suggests investors could see Bitcoin shed more of its price gains over the next coming weeks. As of this writing, Bitcoin is valued at $63,077, reflecting a 2% price decline in the past 24 hours. Bitcoin price falls to $63,100 on the daily timeframe | Source: BTCUSDT chart on TradingView Featured image from iStock, chart from TradingView

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Bitcoin Holders Expect Retrace, Will BTC Move Against Crowd Once Again?

Data shows bearish sentiment has spiked among Bitcoin holders, something that could actually work in the favor of the asset’s price. Social Media Users Have Turned Bearish On Bitcoin As explained by the analytics firm Santiment, traders have come into the new week expecting the price of the cryptocurrency to retrace towards the $27,000 to $29,000 range. The relevant indicator here is the “social volume,” which measures the total number of social media text documents that are making mentions of a specific term or topic. Related Reading: Bitcoin Long-Term Holder Supply Stagnates At ATH, What Does This Mean? The text documents here refer to posts/threads sourced from various popular social media platforms like Reddit, Telegram, and Twitter. Something to keep in mind is that the metric only measures the unique number of such documents, meaning that regardless of whether a post mentions the term one time or five times, the contribution towards the social volume will still remain one unit. This indicator helps us gauge the amount of discussion that a topic is receiving across social media right now. It can also be used to measure the market sentiment if some specific terms are applied. To separate the Bitcoin discussions related to positive and negative sentiments, Santiment has taken the total social volume related to the cryptocurrency market and has then filtered it using terms like buy, bottom, and bullish for the former, and sell, top, and bearish for the latter. Here is a chart that shows the trend in the social volume of these terms over the past week or so: The value of the red sentiment seems to have been quite high in recent days | Source: Santiment on Twitter As displayed in the above graph, the social volume related to negative sentiment has spiked recently. The positive sentiment, on the other hand, has remained at low values. This would suggest that the majority of the Bitcoin traders on social media are bearish on the asset and are expecting it to register a drawdown in the near future. Historically, BTC has tended to show price moves in the direction that the average investor isn’t expecting. The more heavily the crowd leans toward any particular side, the more the probability of such a reverse price move taking place becomes. From the chart, it’s visible that the bearish sentiment has seen multiple spikes during the last week as the latest rally in the cryptocurrency’s price above the $30,000 mark has occurred. Interestingly, one of these surges in the metric happened right before this rally started. The local top so far, however, also coincided with such a spike, but it’s also true that the positive sentiment was also elevated during it. Related Reading: XRP Traders Show Capitulation, Why This Could Be Bullish As the bullish calls are silent right now while the investors are engaging in bearish talks, it’s possible that Bitcoin could show a rise soon and go against what the majority sentiment has been. BTC Price At the time of writing, Bitcoin is trading around $30,700, up 15% in the last week. BTC has been mostly moving sideways recently | Source: BTCUSD on TradingView Featured image from iStock.com, charts from TradingView.com, Santiment.net

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Bitcoin FOMO Hasnt Spiked Yet: Green Signal For Rally To Continue?

Data shows social media users aren’t yet showing FOMO around Bitcoin, a sign that the current rally could still have the potential to continue. Bitcoin Social Volume Hasn’t Been Too High Recently According to data from the analytics firm Santiment, the crowd FOMO that may be associated with a rally like BTC has seen recently hasn’t yet cropped up on social media. The indicator of interest here is the “Social Volume,” which keeps track of the total amount of discussion any given topic or term is receiving on the major social media platforms right now. The metric measures this by counting up the posts/threads/messages that are making at least one mention of the given term. The reason it tracks the number of posts themselves rather than the mentions is so that a few threads with a significant number of mentions can’t skew the indicator by themselves. Related Reading: Solana, Chainlink Among Coins With Overheating Open Interest: Data When a topic truly receives widespread attention on social media, a large number of posts crop up as users across the platforms participate in talks. Mentions, on the other hand, can sometimes spike just because some niche circles decide to discuss the term. As such, measuring Social Volume through posts is what provides a better representation of the general trend being followed. Now, here is a chart that shows the trend in the indicator for terms related to Bitcoin and cryptocurrency: The value of the metric seems to have been subdued in recent days | Source: Santiment on X As displayed in the above graph, the Bitcoin Social Volume hasn’t been too out of the ordinary recently, despite the sharp rally that the asset’s price has witnessed. Generally, the indicator tends to rise as rapid moves in the cryptocurrency take place since users get spurred to talk more about the coin. When discussions rise too high, though, it’s often a sign that FOMO is increasing in the sector. Historically, Bitcoin has tended to move against the expectations of the majority, so such a rise in FOMO has often resulted in top formations for the asset. When discussions rise alongside a drawdown instead (that is, a signal that FUD is going up), a bottom rather takes place for the coin. From the chart, it’s visible that last month, the indicator registered a spike around the time of the spot ETF approvals, which coincided with the top, but such FOMO hasn’t reappeared for the coin yet. “Despite Bitcoin’s +74% price rise in 4 months, the crowd FOMO that would normally be associated with this kind of surge has not been present,” notes the analytics firm. Related Reading: Ethereum Breaks $2,900, But Watch Out For Futures Overheating “There was certainly an interest in BTC in the weeks directly before and after the SEC’s approval of 11 ETF’s, but the lack of new greed in the space can actually be considered a promising sign that this rally can continue,” explains Santiment. BTC Price Bitcoin has seen some pullback in the past day as its price has slipped under the $51,000 level. Looks like the price of the asset has gone down over the past day | Source: BTCUSD on TradingView Featured image from Bastian Riccardi on Unsplash.com, Santiment.net, chart from TradingView.com

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XRP And Ethereum Seeing Increased Social Media Talk As Bitcoin Loses Interest

Data shows XRP and Ethereum are picking up social volume as investors have seemingly started to lose interest in Bitcoin. Bitcoin Social Volume Shows Drop, Traders Shift Focus Towards XRP & Ethereum According to data from the on-chain analytics firm Santiment, BTC’s social volume has decreased since its surge in March. The “social volume” here refers to a metric that tells us about the degree of discussion around a given cryptocurrency that social media users are participating in currently. The indicator measures this in terms of the total number of text documents (that, is the posts on various social media platforms like Reddit, Telegram, and Twitter) that are making mentions of the asset in question. Something to keep in mind is that the social volume doesn’t put any weight on the actual amount of discussion taking place inside any post; what this means is that even if a text document mentions the term several times, its contribution towards the metric’s value would still remain just one unit. The benefit of this restriction is that it provides a better picture of the amount of talk that the coin is receiving from the general user. If the limitation didn’t exist, then a long, isolated post with a large number of references to the cryptocurrency could possibly skew the indicator on its own. Related Reading: Bitcoin Market At Decision Point: Will This On-Chain Retest Be Successful? Now, here is a chart that shows the trend in the social volumes of Bitcoin, Ethereum, Binance Coin, XRP, Cardano, and Dogecoin over the past year: How the social volume of the various assets in the sector has changed in recent days | Source: Santiment on Twitter As displayed in the above graph, the Bitcoin social volume observed a huge surge in March as the asset’s value first observed a hard plunge and then recovered with a spectacular rally. Related Reading: XRP Smothered In Red Despite Massive Whale Accumulation, Hinman Docs Release Sharp price action like this always brings attention to any cryptocurrency, so it makes sense that social media users started participating in huge amounts of discussion around the coin. Since topping out in April, however, the asset’s price has been in an overall downtrend. The social volume has also been going in a downward trajectory alongside it, although the indicator has observed a small rise during the recent volatile event. The high volatility had come as the US SEC had sued Binance and Coinbase, back to back, leading to widespread panic in the market. As mentioned before, it’s not particularly uncommon to see the social volume jump during such rapid swings in price. Ethereum, XRP, and Binance Coin also saw a spike in discussions related to them during this event, surpassing the levels they have seen during the last few months. While the volatility obviously has a part to play in this rise, it’s also possible that the slowdown in discussions related to Bitcoin has also contributed to it. It would appear that investors have been gradually losing interest in BTC, and are now shifting their focus towards altcoins such as XRP. XRP Price At the time of writing, XRP is trading around $0.5, down 4% in the last week. Looks like the asset has been moving sideways | Source: XRPUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net

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Bitcoin Market Shows Signs Of Euphoria, Will $30,000 Be Lost?

Data shows that Bitcoin investors are showing a high amount of hype around the break above $30,000, something that may end up backfiring. Bitcoin Investors Are Showing High Levels Of Euphoria Currently According to data from the on-chain analytics firm Santiment, euphoria in the market is currently significantly more than what was observed following the [...]

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