There was a social media mention of the crypto market's defeat of sending less than $80,000 in Bitcoin since July last year, and it was reported that it had fallen to its highest level since July last year.
Santiment's social sentiment tracker has found that traders' discussions on various social media channels, including X, Reddit and Telegram, from February 25th to 26th, “showing a very high level of confidence.”
He added that it is the highest level of interest under the code at the highest level of seven months.
Bitcoin fell below $90,000 on February 25th, a day after US President Donald Trump announced the next 25% tariffs in Canada and Mexico.
Prices then reduced even more profits, falling below $80,000 amid other macroeconomic uncertainties after Trump threatened another 10% tariff on China on February 28th.
Santiment's trackers sift through the top 10 words' crypt-specific social media channels that have seen the biggest increase in the last 14 days. sauce: Santimento
However, the Analytics platform says that high interest in purchasing DIP is not necessarily a signal to jump into the market as it can move in the opposite direction of expectations.
“Ideally, we are waiting for this crowd enthusiasm to die as a signal that enough pain has hit retail traders to justify the bounce,” Santimento said.
“Since the market is moving in the opposite direction of crowd expectations, look for a decline in optimism and a reduction in the level of shopping calls as a bullish signal.”
Related: Crypto Market is looking at “a tactical retreat, not a reversal.”
Santiment's trackers sift through crypto-specific social media channels such as X and Telegram, the top 10 words, which have seen the most significant increase in social media mentions compared to the past two weeks, according to their methodology.
Bitcoin (BTC) has retreated over 21% in the last 30 days, falling 5% in the last 24 hours, trading at around $80,400, according to data from CoinmarketCap. Ether (ETH) has exceeded 30% in the last 30 days, down 7.54% on the last day, trading at around $2,139.
In a follow-up post, Santiment said the price has even dropped even further after “retail crowds had set out to buy DIP.”
sauce: Santimento
“Look for what you're looking for as a sign that the crowd is indifferent or that once the opportunity to shop has really arrived,” the platform said.
Google Trends data shows that looking at the weekly time frame, a similar story will play as search interest for “Buy Dip” is spiked to 100 on February 26th. However, search interest subsequently declined to a score of 49 out of 100.
Google Trends data shows that many people are interested in the terminology to buy DIP. sauce: Google Trends
Meanwhile, the search for the term “Crypto” reached its highest level of 100 in the past seven days on February 25th, and currently sits at 87 out of 100.
According to the Google Trends FAQ, a value of 100 is classified as a popularity for peakers in this term, but a score of 0 means there was a relatively low volume for the period of the day.
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