Bitcoin rebounded against crowd expectations, giving a win to the bitcoin contrarians, says Santiment.

The latest rebound in Bitcoin’s price happened after most investors had given up on the idea of it happening, according to data from Santiment. “Buy the dip” calls had mostly disappeared before the rebound. The social volume metric, which measures the total number of social media text documents that mention a given topic or term, was used to filter discussions related to “buy” and “dip” on various platforms like Reddit, Twitter, Telegram, and 4chan. The social volume for these discussions had observed a large spike on Reddit and Twitter right after Bitcoin and the rest of the market had crashed due to the news of SEC suing Binance breaking out. However, discussions related to buying the dip started to die out as the coin continued to move mostly sideways over the next day. That’s when the actual rebound in the asset’s price took place, catching the mainstream crowd off guard. Historically, Bitcoin and other assets have usually been more likely to show moves in a direction opposite to the majority’s view. At the time of writing, Bitcoin is trading around $26,600, down 2% in the last week.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Market

Fed interest rates soar, will the Bitcoin market crash?

Bitcoin, crypto market, Fed interest rate surge - will it cause a flash crash in the Bitcoin market? However, the vol...

Bitcoin

Bitcoin miner Riot experiences significant increase in BTC holdings

Riot Blockchain, a highly successful and thriving publicly traded Bitcoin mining company in the US, has achieved impr...

Bitcoin

Bitcoin short-term holders continue to deposit their holdings on exchanges, yet the price remains stable.

On-chain data indicates that short-term holders of Bitcoin have been depositing their holdings into exchanges, yet th...

Bitcoin

Bitcoin stays above $29,000 after US jobs report – BTC price outlook?

The latest US jobs report had a positive impact on various sectors, but it had minimal impact on the bitcoin (BTC) ma...

Markets

Bitcoin's $28K rally causes biggest short squeeze this month.

The sudden increase in price has caused approximately $36.6 million worth of short positions to be closed in the last...

Markets

Bitcoin Cash price surges 72%, hits 1-year high.

Bitcoin Cash's value increased to a peak of $194 on Friday, marking a one-year high for BCH. This rise can be attribu...