Friday crash awakens BTC bulls, but network activity falters | Santiment Weekly Report

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Ibis
Nov 30, 2021

The market-wide crash on Friday saw BTC drop to a 50-day low of $53.5k before starting to rebound.


Prompted by fears of the new coronavirus variant, the dump may seem reminiscent of ‘Black Thursday’ for some traders, who might expect a similarly quick recovery for the top coin.


The data seems to back that up, with mentions of ‘buy the dip’ on crypto social media soaring to a 2-month high on Friday. But how may these retail expectations affect BTC in the short term?


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:


Return of the BTC bulls?


Last week, we noted that the wholesale sentiment towards Bitcoin was finally turning bearish, with weak bounce backs and multiple failures to draw

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Assets from this insight

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BitcoinBTC

$ 37274.61

5.31%in last 7d
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