Data shows bearish sentiment has spiked among Bitcoin holders, something that could actually work in the favor of the asset’s price. Social Media Users Have Turned Bearish On Bitcoin As explained by the analytics firm Santiment, traders have come into the new week expecting the price of the cryptocurrency to retrace towards the $27,000 to $29,000 range. The relevant indicator here is the “social volume,” which measures the total number of social media text documents that are making mentions of a specific term or topic. Related Reading: Bitcoin Long-Term Holder Supply Stagnates At ATH, What Does This Mean? The text documents here refer to posts/threads sourced from various popular social media platforms like Reddit, Telegram, and Twitter. Something to keep in mind is that the metric only measures the unique number of such documents, meaning that regardless of whether a post mentions the term one time or five times, the contribution towards the social volume will still remain one unit. This indicator helps us gauge the amount of discussion that a topic is receiving across social ..
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