Bearish sentiment around Bitcoin on social media has reached its highest level since late February, according to data from crypto analytics platform Santiment. The firm noted that such widespread fear, uncertainty, and doubt (FUD) is often a precursor to price rebounds, with the market historically moving opposite crowd expectations. Bitcoin’s price is approximately $67,100, down over 5.5% for the month.
Social media bearishness around Bitcoin has reached its highest level since the end of February, according to crypto sentiment platform Santiment. “FUD has crept back in with the community showing a key lack of optimism,” Santiment stated, adding that this is “usually a common ingredient for prices rebounding.”
The data tracks the ratio of bullish to bearish Bitcoin comments across platforms like X and Reddit. On Saturday, that ratio stood at 0.81, indicating more bearish than bullish commentary and marking the lowest point since February 28.
Santiment said markets typically move counter to the crowd’s expectations. “A high level of FUD like this is a good sign that things can turn positive sooner rather than later,” the platform added. Bitcoin is trading near $67,100, down 5.53% over the past 30 days according to CoinMarketCap.
The firm pointed to the pending U.S. CLARITY Act as a potential legislative catalyst currently holding back Bitcoin’s price. On Wednesday, Coinbase chief legal officer Paul Grewal said the legislation is moving toward a markup hearing in the U.S. Senate Banking Committee.
Overall crypto market sentiment remains deeply negative, as measured by other indicators. The Crypto Fear & Greed Index posted a score of 12 on Sunday, staying within “Extreme Fear” territory.
