Bitcoin inertia deepens on and off-chain | Santiment Weekly Pro Report

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Ibis
Jul 12, 2021

With the top coin stuck in a tight trading range, fewer traders still seem to believe in a resolution to the upside.


The increasingly bearish outlook is all but confirmed by BTC’s social data. But could this plunge in market-wide confidence actually work in Bitcoin’s favor?


In our weekly Pro report, we take a deep dive into Bitcoin’s latest social and on-chain activity, and what it suggests about the current state of the crypto market:


Bearish and aloof


Another week of Bitcoin’s incessant ranging seems to have had an expected impact on the coin’s social data.


To start, the amount of daily Bitcoin mentions on crypto social media has continued to slump, with its 7-day moving average slinking to a half-year low at the time of writing:

Bitcoin, social volume, 7-day moving average, past 6 months (Source: Sanbase)

The

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Assets from this insight

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BitcoinBTC

$ 47430.13

3.05%in last 7d
0