Social Media Buzz Drains Potential Crypto Bounce

Wahid Pesarlay

Bullish crowd sentiment on social platforms is short-cutting another potential crypto and stock market rally

The trend of the crypto market negating crowd expectations in October has continued. According to data from moodThe crypto market today showed some recovery potential, which was emptied by the bullish movement on social media.

The platform for crypto market intelligence and social metrics pointed out that with Bitcoin (BTC) rallying to a local daily high of around $19,600, the crowd began chanting words like “bullish,” “buy,” and “on social platforms.” bought ‘to spam.’

The surge in optimism on social media was the biggest the market has seen in two months. However, the market soon reacted bucking crowd sentiment as prices fell in both the crypto and stock markets until excitement died down, the watch noted.

Santiment first pointed out this trend last week written down that despite the long-term negative sentiment in the crowd, October’s swing trades were driven by the frequency of bullish and bearish views on social platforms.

To sue

The crypto market is still bearish, but with bullish overtones

The BTC market evokes a variety of opinions from analysts. and today reported that the world’s largest crypto, BTC, is showing bullish markers in a bear market. BTC has decoupled from the stock market, outperforming the S&P 500 and Nasdaq indices.

Likewise the trading company Cumberland written down that the presence of healthy BTC trade volumes in the market distinguishes the current bear market from other bear markets.