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