Bitcoin (BTC) Faces a Rare Storm of Pessimism as the Crypto Market Awaits a Dramatic Rise

Bitcoin, often seen as the barometer of the crypto market's health, is facing a rare storm of pessimism. Despite its price hovering around $64,000, the crypto community seems gripped by persistent fear

Bitcoin, which is often used to gauge the health of the crypto market, is facing a rare storm of pessimism. Despite its price remaining steady at around $64,000, the crypto community appears to be gripped by persistent fear, uncertainty, and FUD.

An Unusual Prolonged Level of FUD Engulfs Bitcoin

Bitcoin is currently at the center of a storm of negative sentiment on platform X (formerly Twitter), a situation described as rare by industry experts. According to data from crypto intelligence platform Santiment, the queen of cryptos is experiencing a prolonged level of FUD (Fear, Uncertainty, Doubt), which is unusual for this asset.

“This prolonged level of FUD is rare, as traders continue to capitulate,” said Santiment in a June 20 post. “Investors are primarily fearful or disinterested in Bitcoin as prices oscillate between $65,000 and $66,000,” added the platform.

Prolonged Stagnation in a Narrow Price Range

The numbers confirm this dismal trend. Bitcoin's price has varied between $63,000 and $67,000 over the past week, according to CoinMarketCap data. Furthermore, Santiment's weighted sentiment index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments, has remained in the red since May 23.

Past positive events, such as the approval of 11 Bitcoin exchange-traded funds in January and the April halving, had temporarily pushed the index to positive levels, reaching scores of 4.49 and 2.35 respectively. However, these positive sentiment peaks now seem distant as the crypto market endures a phase of doubt and disinterest.

In addition, the Fear and Greed Index, another key market sentiment indicator, currently shows a reading of Greed at 63, down 11 points over the past seven days. Despite this sentiment of stagnation, some analysts remain optimistic, believing that this consolidation could precede a dramatic rise.

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Holder of a Sciences Po Toulouse degree and a blockchain consultant certification from Alyra, I joined the Cointribune adventure in 2019. Driven by a passion for the potential of blockchain to revolutionize several sectors of the economy, I am committed to educating and informing the general public about this rapidly evolving ecosystem. My goal is to help everyone better understand blockchain and seize the opportunities it presents. I strive daily to provide an objective analysis of current events, decipher market trends, relay the latest technological innovations, and put into perspective the economic and societal stakes of this unfolding revolution.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-rare-storm-pessimism-crypto-market-awaits-dramatic-rise.html

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