Bitcoin's social data feeling top-ish?
Bitcoin's social data has been red hot since its move above $12k, recording the highest daily social volume since its previous price top on August 17th:
Extreme social volumes during pumps can often signal 'peak hype' and increasingly irrational market confidence, and tend to coincide with short-term price consolidations or upcoming corrections.
In the past 48 hours, average BTC-related social sentiment has also switched from predominantly bearish to increasingly bullish for the first time in over 2 months:
On the whole, bullish sentiment is rarely a friend to cryptocurrencies. As you can see above, it's typically been extreme social volumes and predominantly bullish discourse that coincided with price reversals for Bitcoin as well as other cryptocurrencies.
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