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Cryptocurrency News Articles
Bitcoin (BTC) May Not Post a New All-Time High Any Time Soon as Crypto Market Sentiment Is Extremely Bullish, Says Santiment
Sep 30, 2024 at 11:39 am
On Sept. 30, onchain analytics platform Santiment stated that those expecting a new Bitcoin all-time high may need to first wait until the crowd “slows down their own expectations.”
Onchain analytics platform Santiment stated that those expecting a new Bitcoin (BTC) all-time high may need to first wait until the crowd “slows down their own expectations.”
The firm arrived at this conclusion after examining social sentiment data, which currently shows 1.8 bullish posts about Bitcoin for every 1 bearish post.
Sentiment has turned extremely bullish over the past two weeks or so with BTC prices steadily climbing around 14% from below $58,000 on Sept. 17 to top out above $66,000 on Sept. 28.
Moreover, BTC is on track to record its best-ever September since inception in terms of gains which have been around 12% so far.
Casa chief security officer Jameson Lopp also observed that mainstream media was shifting to positive territory.
“Bitcoin sentiment is shifting positively in mainstream media as FUD fails to withstand the test of time,” he noted in a post on X on Sept. 29.
Additionally, the Bitcoin Fear and Greed Index, which also measures market sentiment, has returned to greed levels with a rating of 61 on Monday, Sept. 30.
It was in the depths of ‘extreme fear’ only weeks ago when the index fell to 22 on Sept. 6, one of its lowest levels for the past year.
Related: 3 signs that Bitcoin price is not ready to make a new all-time high
On Sept. 29, Cointelegraph reported that demand for stablecoins in China is bearish which could also delay a Bitcoin ATH. When dollar-pegged stablecoins trade at a discount rather than a premium in China, it indicates bearish sentiment.
Bitcoin is currently trading at $64,406, around 12.6% down from its March all-time high of $73,734, according to CoinGecko.
However, the asset was seen sharply retreating during early trading on Sept. 30, falling almost 2% over the past six hours to the time of writing.
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- Ethereal Exchange Proposes Integration with Ethena Network to Launch Spot and Perpetual Exchange Built on USDe
- Sep 30, 2024 at 04:25 pm
- Ethereal Exchange has submitted a proposal to Ethena governance, seeking community approval to launch a new spot and perpetual exchange built on USDe and integrated into the Ethena hedging engine and liquidity.
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- FTT Token Price Above $2 as the Broader Market Slows Down
- Sep 30, 2024 at 04:25 pm
- The FTT token is back in action as the broader market slows down as September concludes. With rising speculations that the $16 billion payment to FTX creditors will come soon, the market price concludes a long-coming resistance trendline.
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- Swissquote Review: A Comprehensive Guide to the Online Brokerage Firm
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