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.

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