On Bitcoin's (escalating) bearish bias | Santiment Weekly Pro Report
It’s been a rollercoaster week for the market, as Bitcoin briefly ventured below $30k for the first time since January.
Despite a swift recovery, the market sentiment has continued to turn sour, with signs of a bearish consensus emerging in Bitcoin’s on-chain and off-chain data.
So where does that leave the top coin?
In Santiment’s weekly Pro report, we dive deep into Bitcoin’s latest social and network activity, and what it suggests about the current state of the crypto market:
Bearish consensus?
According to text data from more than 1000 crypto-related social channels, it has not been a good week for market confidence.
Developed by our data scientists, Weighted Social Sentiment is a metric that labels all daily coin mentions collected by Santiment as either positive, negative or ambivalent, in an attempt to visualize the average mood of the crypto
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Since 2017, Santiment has been an industry leader in on-chain data, social intelligence and behavior-based analysis of the crypto market.
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