Is Bitcoin fit for an end-of-month rally? | Santiment Weekly Pro Report

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Ibis
Mar 27, 2021

In spite of a discouraging start to the week, Bitcoin is finally showing signs of recovery, gaining +7.8% in the past 48 hours and clutching the $55k mark.


But does the top coin really have what it takes to muster another, end-of-March rally?


In this week’s Pro report, we take a look at Bitcoin’s latest on-chain, social and fundamental activity, and what it suggests about its current and potential price performance:


Bears galore


Over the past week, Bitcoin’s off-chain indicia seems to suggest a rapidly declining confidence in the top coin’s future price potential.


For one, Bitcoin-related social sentiment has experienced a strong decline over the past 48 hours, reaching the lowest levels since the beginning of Bitcoin’s rally all the way back in October, and suggesting a growing concern about the latest correction.


According to our custom sentiment algorithm,

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Assets from this insight

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BitcoinBTC

$ 55783.34

6.90%in last 7d
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