As BTC continues descent, bears galore | Santiment Weekly Pro Report

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Ibis
Jul 19, 2021

With BTC losing -7.8% in the last week, the top coin’s on-chain data is once again starting to show signs of elevated profit taking and renewed activity of long-term holders.


In the past, similar moves have sometimes marked periods of strong price volatility up ahead. Does that mean that Bitcoin’s ranging may (finally) be coming to an end?


In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and network activity, and what it suggests about the current state of the crypto market:


All things bear


Prompted by another week of lethargic price action, Bitcoin’s social data is showing a continuous drop-off in retail interest as well as expectedly low spirits about the coin’s future.


Bitcoin’s Relative Social Dominance (RSD for short) is an indicator that compares the amount of BTC-related mentions on crypto social media to those

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Assets from this insight

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BitcoinBTC

$ 60887.65

10.82%in last 7d
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