Bitcoin Sees Ideal Buying Opportunity after Rapid Correction Following Hitting $109.3K
Bitcoin ($BTC) has recently undergone a surprising correction after reaching its new all-time high (ATH) price level. As per Santiment, Bitcoin ($BTC) is showing a significant buying opportunity after the rapid correction following touching its ATH at $109.3K. The correction reportedly took place after the rising hype around $BTC before Trump took the oath.
Bitcoin's new all-time high of $109.3K was established in Monday's early hours before Trump's inauguration. Prices quickly corrected, though, as social media showed major greed and FOMO. This chart shows mentions on X, Reddit, Telegram, 4Chan, and Farcaster for:
Bitcoin⌠pic.twitter.com/zfgC0P3QUx
This heavy correction in Bitcoinâs price was substantially impacted by the overall crowd sentiment. Particularly, on social media platforms such as Farcaster, Telegram, Reddit, and X, the wider investor sentiment led to the respective correction.
Bitcoinâs Crowd Sentiment Leads to Rising Selling Pressure
Santiment mentioned 3 categories of Bitcoin ($BTC) mentions in terms of crowd sentiment that are potentially signaling a buying opportunity. In this respect, the consistent pattern of crowd sentiment often operates as a contrarian indicator for the price of Bitcoin.
The first category includes the peak mentions of $ 110K-$119K on social media platforms. At that point, the market witnessed a rising selling pressure. The respective paralleled with whale selloffs while retail investors expressed signs of FOMO and greed. The 2nd category of these mentions includes the $100K-$109K range. The respective reportedly worked as a medium range between the high and low-price mentions.
On the other hand, the low mentions ranged between $90K and $99K. This range pointed toward a strong buy signal. As a result of this, $BTC whales Leveraged the retail reluctance toward Bitcoin accumulation, pushing the prices upward.
Bitcoin ($BTC) Sentiment Signals Hint at Upward Momentum
According to Santiment, the above-mentioned dynamics show the influence of the wider crowd sentiment on Bitcoinâs market performance. Keeping this in view, the low mentions within the $90K-$99K range reportedly highlighted massive buy signals. At present, while Bitcoin ($BTC) is changing hands slightly above $101K, the crowd sentiment may play a driving role behind Bitcoinâs next upward momentum.
