Surveying Bitcoin after the ‘China crash’ | Santiment Weekly Pro Report

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Ibis
May 23, 2021

Prompted by China’s crackdown on virtual currencies and BTC mining, the top coin has logged yet another abysmal week, losing -19.8% and dropping as low as $34,386 on Friday.


Is this what ‘maximum pain’ looks like for Bitcoin, or could further correction be looming to end the month?


In our weekly pro report, we take a look at Bitcoin’s latest on-chain, social and derivatives data, and what it suggests about the top coin’s potential moving forward.


Bears on the offensive


The market’s cascading downtrend over the past week has prompted a near-unparalleled level of interest on crypto social media.


Based on data from 1000+ crypto-related channels (including Telegram, Reddit, Twitter and more), the amount of Bitcoin mentions has soared to its highest margin not just since the start of the rally, but ever:

Bitcoin, social volume, past 12 months

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Assets from this insight

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BitcoinBTC

$ 35740.56

0.98%in last 7d
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