Maximum interest in the “market bottom” shown by peak social media volumes
The post Maximum interest in the “market bottom” shown by peak social media volumes appeared on BitcoinEthereumNews.com.
Crypto market participants had to watch another rapid slide as Bitcoin (BTC) dipped to the $58,000 range. Altcoins and tokens had even deeper corrections, which caused traders to seek signs that the market would stop bleeding or that a market bottom was not imminent. The slide of all crypto assets caused traders to ask whether there are signs of the market finally reaching a local minimum. Social media volumes for “bottom” reached an all-time high, after an active year of volatile trades. We’re observing one of the highest social volume and dominance spikes for the word “bottom” in the last year. Study what happened historically when similar events took place 👀 pic.twitter.com/nP9VCxvQuY — Santiment (@santimentfeed) June 24, 2024 Occasionally, social media traffic for the “market bottom” narrative did not lead to a price breakout. More often, after social media showed more activity for the term, market prices rallied again in the short term. The current find extends the latest reports from Santiment. The market cooled down, with crowd moods seeing BTC as bearish. At the same time, whale buying quietly resumed on Bitfinex and from other sources. Read: Stablecoin supply growth slows to under 1.5% in June In 2024, the Bitcoin (BTC) narrative dominated the market, and looking for the BTC bottom was key. Altcoins and tokens still depend on overall BTC stability, in addition to stable performance from Ethereum (ETH). This time, social media activity coincided with signs that the tide may be turning for BTC, with renewed buying from ETF investors and well-known crypto whales. The renewed buying followed a turbulent period, which liquidated multiple long positions on the downside. Additionally, the market had to absorb selling from miners, older big holders, and possibly from ETF holdings. Concerns about a market bottom at this price range also underscore…
Filed under: News - @ June 26, 2024 3:12 pm