As Bitcoin [BTC] extends its weekly loss by another 4%, its weighted sentiment continues on its bearish trend, according to Santiment’s data.
extends its weekly loss by another 4%, its weighted sentiment continues on its bearish trend, according to Santiment’s data.
The beginning of this bearish trend, which occurred on 14th March, coincided with the coin’s price falling from its $73,750 all-time high. Exchanging hands at $66,572 at press time, BTC’s price has since fallen by 10%.Using historical precedents, Santiment added that BTC’s price often “move the opposite direction of the crowd’s expectation.”
Firstly, the coin’s taker buy-sell ratio assessed on a 30-day simple moving average fell below the zero line on 8th March, foreshadowing the price decline that commenced on 14th March.
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