business
Bitcoin sentiment hit peak bearishness at recent lows, peak bullishness near tops
Key takeaways
- In recent weeks, bitcoin BTC$62,155.53 sentiment has been most bullish when the price was highest and most bearish exactly when it was most stressed, according to Santiment data covering May 21 through June 4.
- Peak bullishness hit on May 22, with bitcoin near its high of $78,000 for the period.
- Bitcoin was recently trading near $62,400, down about 20% from the late-May peak.
In recent weeks, bitcoin BTC$62,155.53 sentiment has been most bullish when the price was highest and most bearish exactly when it was most stressed, according to Santiment data covering May 21 through June 4.
Peak bullishness hit on May 22, with bitcoin near its high of $78,000 for the period. The most bearish came June 3, with bitcoin near the low. While sentiment is not a timing tool, peak conviction at the highs and peak fear at the lows is the inverse of where the trade usually pays.
Bitcoin was recently trading near $62,400, down about 20% from the late-May peak. The risk picture has cracked alongside it.
Article preview — originally published by CoinDesk. Full story at the source.
Read full story on CoinDesk →
More top stories
Aggregated and edited by the Scoop newsroom. We surface news from CoinDesk alongside other reporting so you can compare coverage in one place.
Editorial policy · Corrections · About Scoop