Social Media Buzz Reduces The Chance Of Crypto Bounce

As was the case in October, the cryptocurrency market has continued to defy expectations. Santiment research indicates that today’s potential rally in the cryptocurrency market was dampened by bullish social media hype.

On the heels of a Bitcoin (BTC) run up to a daily local high of almost $19,600, the audience started spamming social media with phrases like “bullish,” “buying,” and “purchased,” according to the crypto market intelligence and social metrics platform.

The market has had its biggest increase in market optimism in two months. The observation highlighted that the market quickly responded in contrast to the attitude of the crowd by dropping prices in both the cryptocurrency and equity markets until the euphoria subsided.

Despite the long-term public sentiment staying negative, swing trades in October have been determined by how frequently bullish and bearish calls have been made on social media platforms, according to Santiment, which first identified this trend last week.

Crypto market still bearish but with bullish undertones

Analysts have a range of perspectives about the BTC market. BTC, the biggest cryptocurrency in the world, has been observed to display positive indicators despite being in a bear market.

BTC has been separating itself from the stock market, outperforming the Nasdaq and S&P 500 indices. The presence of healthy BTC trade volumes in the market, according to trading firm Cumberland, distinguishes the present bear market from previous bear markets.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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