On the latest market-wide plunge (Santiment Weekly Report)
Whether it’s Biden’s tax plan, South Korea’s crypto crackdown or a medley of overvalued conditions, Bitcoin has faced another correction Friday, dropping to a 50-day low of $47,984 according to some price aggregators.
And while the top coin has recovered slightly since - now hovering around the $50k mark - the market sentiment has ostensibly shifted over the last week of price action.
With its worst week since March 2020, let’s take a look at Bitcoin’s latest on-chain, social and fundamental indicators, and what they may suggest about Bitcoin - and the market’s - potential moving forward.
Bulls in full retreat
While unsurprising, the latest market-wide crash has quickly erased most signs of bullish bias from Bitcoin charts and beyond.
After surging to a 2-month high on April 14th (in line with BTC’s latest price ATH), the average sentiment towards
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