Crypto Sentiment Data Hints at Bitcoin Support After Volatile Month, Bear Talk Fades – Report
Santiment, a crypto analytics platform, reported increasing discussions around AI (artificial intelligence) and RWA (real-world assets) on crypto social platforms on October 31, 2023.
This indicates growing interest in the technology behind crypto and its potential real-world use cases.
At the same time, talk of a bull market or bear market has significantly decreased compared to previous weeks. This comes as the crypto market has stabilized after a period of high volatility. With crypto sentiment becoming less extreme, this could signify that the market is bottoming out from the recent downturn.
According to Santiment, waning bearish sentiment can often be a positive sign for Bitcoin’s price reaching a support level, in this case near $40,000. When fewer traders are fixated on market direction, it suggests less panic selling and more potential for a rebound.
Santiment’s analysis of crypto social data implies trader sentiment is becoming less bearish after recent volatility. With discussion shifting to technology and real-world adoption, decreasing talk of bull and bear markets could indicate Bitcoin is primed for a bounce off its lows if sentiment remains muted. This would align with typical market psychology during transition periods. However, continued monitoring of trader mood is advised.
Bitcoin is trading at $34,563 at the time of writing.
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