Bitcoin Chatter Flips Back To Bearish. Here’s What Price Did Last Time

What Happened

The record Binance hack in late October sped up the slide, according to Santiment. By November 3, Bitcoin sentiment had dropped to 0.69, while Ethereum held at 1.14.

Fear can also last longer in a falling market. The Binance hack fallout and the recent tech stock selloff give traders reasons to stay cautious.

Market Context

The bearish turn has tracked a steady slide in crypto prices. For Bitcoin, it echoes early November, when a quick rally followed similar gloom and then faded.

Bitcoin’s price after the November 3 reading shows how that earlier fear played out.

Bitcoin climbed above $80,800 on November 4, the day after the US midterm elections. The move came as oil prices dropped sharply after Democrats won control of Congress.

Bitcoin then touched $73,708 on November 8, its lowest level since August. It slipped below $73,000 by November 10 and now trades at $73,665, per BeInCrypto Markets.

The Missing Piece Is Price Stabilization

“Extreme fear alone does not mark the exact bottom, but fear plus price stabilization has often been a much stronger signal,” it said.

So far, only the fear side of that test is met. Bitcoin sentiment sits below 1.0, yet the Bitcoin price has kept sliding.

The post Bitcoin Chatter Flips Back to Bearish. Here’s What Price Did Last Time appeared first on BeInCrypto.

Why It Matters

Bearish comments now outnumber bullish ones for Bitcoin (BTC), Ethereum (ETH), and XRP (XRP), Santiment data shows. XRP draws roughly 1 bullish comment for every 2 bearish ones.

The Gloom Spread From Altcoins to Bitcoin

Details

Santiment tracks crypto sentiment by comparing bullish and bearish comments across major social platforms. A reading below 1.0 means bearish posts make up the majority.

The mood soured on altcoins first. On October 2, Ethereum sentiment fell to 0.89, and XRP sentiment dropped to 0.67. Bitcoin stayed positive at 1.37.

The November 11 readings show the fear spreading again. Ethereum fell back below neutral to 0.88, and XRP sank to 0.49. Bitcoin sits at 0.82 after briefly recovering toward neutral.

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The Last Bounce Ran Out of Steam in Days

The gains did not hold. Bitcoin fell toward $75,500 on November 5 as tech stocks sold off.

Santiment’s own test for a bottom depends on whether those lower lows stop.

Heavy pessimism often comes before a relief rally, Santiment says. However, the firm set a condition for that setup on November 3.

The level to watch is the November 10 dip below $73,000. Holding above it would meet the stabilization side of Santiment’s test.

Whether Bitcoin holds above that low will show if the bearish chatter marks a floor or more selling ahead.

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