2023-10-14 14:30 |
Despite Bitcoin and Ethereum prices stabilizing in recent weeks after a prolonged crypto bear market, discussion data suggests the overall community remains decidedly bearish.
According to crypto analytics firm Santiment, topics like “inflation” and “bear market” have seen rising mentions. This indicates traders are still leaning toward a bearish outlook even as prices attempt to stabilize.
Source: Santiment – Start using it today
Ongoing Bearish Sentiment Despite Steadying PricesIronically, the more traders express negative sentiment, the higher the probability prices could start climbing again. Sustained bearishness often comes near market bottoms as people capitulate.
However, for now, the crowd psychology appears entrenched in pessimism. This is likely due to macroeconomic headwinds like high inflation, rising interest rates, and recession fears weighing on risk assets.
Crypto traders seem hesitant to call a bottom despite Bitcoin holding above $25,000 and Ethereum stabilizing around $1,500. The sentiment suggests any rally attempts face staunch resistance.
Nonetheless, excessive bearishness does present a contrarian opportunity. If overall sentiment reaches an extreme point, any improvement in macro factors or positive news could spark a relief rally.
Santiment’s data highlights the diverging signals in the market. While prices show tentative stabilization, crowd psychology remains firmly bearish. This dichotomy makes calling the next major move difficult.
The coming weeks will determine whether bearish sentiment cements and drags prices lower. Or whether the stabilizing prices spark some renewed optimism and upside momentum returns to crypto markets. For now, caution remains the watchword.
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The post Crypto Community Maintains Bearish Sentiment Despite Stabilizing Bitcoin (BTC) and Ethereum (ETH) Prices appeared first on CaptainAltcoin.
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