Bitcoin has been experiencing an “extended level of FUD” on social media platform X, coinciding with its sideways trading around the $65,000 mark, as reported by cryptocurrency intelligence platform Santiment.
“This extended level of FUD is rare, as traders continue to capitulate,” Santiment noted in a June 20 post. FUD stands for fear, uncertainty, and doubt.
“The crowd is mainly fearful or disinterested toward Bitcoin as prices range between $65K to $66K,” it added.
Over the past week, Bitcoin’s price has fluctuated between highs of approximately $67,294 and lows around $64,180, based on CoinMarketCap data.
Santiment highlighted its Weighted Sentiment Index, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments.
This index has remained negative since May 23, currently standing at -0.738, indicating predominantly negative mentions of Bitcoin on X.
Positive events for Bitcoin, such as the approval of 11 spot Bitcoin exchange-traded funds on January 10 and the Bitcoin halving on April 20, saw the indicator spike to positive levels of 4.49 and 2.35, respectively.
Negative sentiment on social media has emanated from various corners of the crypto community, including influential traders and analysts.
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“Bitcoin is around 60 days into a ~150-day long sideways slog since the halving,” stated Glassnode lead analyst James Check, known as “Checkmatey,” in a June 19 post.
“Months of sideways price action — the most boring phase of the bull market,” added pseudonymous crypto trader Jelle.
Similarly, pseudonymous crypto trader Trader Cobb remarked, “Bitcoin is pretty boring right now.”
Despite the prolonged consolidation, some believe it could lead to a significant price surge.
Cointelegraph reported on June 13 that Bitcoin was in its longest period of consolidation at 92 days, with analysts suggesting this steadiness could set the stage for a “massive upside rally.”
“Generally, the longer a consolidation, the larger the expansion afterward,” observed pseudonymous crypto trader Daan Crypto Trades.
Meanwhile, another market sentiment gauge, the Fear and Greed Index, showed a Greed reading of 63, down 11 points over the past seven days.
This metric not only considers social media sentiment but also factors like volatility, market momentum and volume, market dominance, and current trends.
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