Overwhelming bullish sentiment once again proves costly

According to data collected from 1000+ crypto social media channels, the average crowd sentiment towards Bitcoin adapted from slightly bullish to overwhelmingly bullish over the days leading up to Thursday’s dramatic pullback, mirroring the levels previously observed during its May and August price tops, respectively.  The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicated that with both short-term and long-term Bitcoin holders in a position of +15% and +63% profit, the likelihood of profit-taking became high. To make matters more ominous, the funding rate on Bitcoin’s derivatives…

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Ethereum’s on-chain activity surges and bullish sentiment spikes

The latest findings by Santiment, published in Cointelegraph Consulting’s biweekly newsletter, indicates that discussions around Ethereum have switched from highly bearish to predominantly bullish. Historically, this hasn’t meant good news for the token’s price. Ethereum’s on-chain activity, measured by unique daily addresses, has rebounded from its nose dive at the end of summer. The latest surge has taken Ethereum to a 3-week high of 420,610 addresses per day — marking a 25.2% growth compared to the day prior. Another noticeable trend is Ethereum’s 365-day dormant circulation, which tracks the renewed…

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Bitcoin FUD and negative social sentiment typically precede a bounce

On-chain analytics provider Santiment asserts that Bitcoin and crypto assets tend to bounce when social sentiment indicates there is a lot of fear, uncertainty and doubt, which suggests that now is a buying opportunity. According to its Bitcoin weighted social sentiment against price chart, this is exactly what is currently going on. Since its weekend lows, Bitcoin prices have recovered around 2.4% to current levels. https://t.co/bFKcBHUDY4 1) Prices of $BTC and other #crypto assets tend to bounce most precipitously when the crowd is demonstrating a high level of FUD. This…

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Bitcoin Price Continues Rally, Positive Sentiment Is Off the Charts

In the past couple of weeks, the Bitcoin (BTC) price has resurged after months of apparent monetary stagnation. Since July 23, the value of a single Bitcoin has risen by around 20%. Not only that, after trading sideways since its supply squeeze in early May, the premier currency broke through its all-important $10,000 psychological threshold, thus leading many casual investors to once again jump back on the crypto hype train. Bitcoin’s recent price hike has also resulted in a retail boom, with a whole host of trading platforms across the…

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Bitcoin’s Rise Driven by Institutional Trading, Says Research and Investor Sentiment

The cryptocurrency bitcoin is trading at an all-time high relative to its social activity, explains the crypto research firm Tie. The analysts at Tie believe the ratio indicates that bitcoin is being driven by institutional trading. Meanwhile, statistics from Google Trends shows the terms “bitcoin” and “buy bitcoin” dropped from the 100 point highs to 65 on June 14, 2020. Tie Research: ‘Market Cap Increasing More Than Social Media Activity May Suggest Bitcoin Is Now More Driven by Institutional Trading’ This week the research firm the Tie tweeted about bitcoin’s…

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Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885.  Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term.  Crypto market weekly price chart. Source: Coin360 As the price searches for direction and its dominance rate drops from 67% to 65.5%, a handful of altcoins continued a multi-day streak of impressive double digit rallies.  Despite Bitcoin price finding difficulty in…

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2 Days After the Bitcoin Halving: Network ‘Remains Strong,’ Higher Fees, Bullish Sentiment

On May 11, 2020, the Bitcoin network completed it’s third block reward halving and the network seems to be chugging along just fine. However, it may take a while longer to see the halving’s effect on the mining industry and right now bitcoin transaction fees have risen exponentially. Despite the rising fees, the research firm Glassnode explains that the Bitcoin blockchain’s health “remains strong” after the reward reduction. Despite the Rise in Bitcoin Transaction Fees, Glassnode Report Says Overall Network Health remains strong The Bitcoin (BTC) network has halved its…

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Looming US Real Estate Crisis – Freddie Mac Warns of Housing Market Uncertainty, Homebuilder sentiment Drops 58%

U.S. real estate agents and lenders are bracing for the biggest housing crash in over a decade. Since the coronavirus spread and the American government shut down the nation’s economy, Freddie Mac’s quarterly real estate report is grim and says the U.S. housing market faces considerable challenges “amid economic uncertainty.” Further, the NHB Wells Fargo Housing Index otherwise known as the Homebuilders sentiment has seen the largest drop since 2012. Also read: $2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 Economy US Housing Market…

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