Breaking down Bitcoin’s +16.8% week | Santiment Weekly Pro Report

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Ibis
Oct 5, 2021

Bitcoin is up +16.8% in the past 7 days, as it looks to threaten the $50k mark for the first time in almost a month.


Despite this, the top coin’s social data remains surprisingly bearish, suggesting the retail may still be in disbelief about the current rally.


Where does that leave Bitcoin - and why do BTC whales still seem reluctant to make any large moves?


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


Bears (still) reign?


In last week’s report, we mentioned that the mainstream sentiment on Bitcoin was finally starting to turn bearish, after weeks of retail optimism and incessant ‘buy the dip’ calls.


We ended that analysis by saying that "a more sustained drop in investor confidence

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Assets from this insight

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BitcoinBTC

$ 50471.34

13.95%in last 7d
1