Crypto market sentiment has taken a turn for the worse, with Bitcoin's social sentiment reaching its lowest point in five weeks. According to crypto analytics platform Santiment, the ratio of bearish to bullish comments is at a 5-week high, indicating increased fear among investors.
The platform tracks sentiment across a large sample of crypto-focused accounts on X, Reddit, and other platforms, and has noted that the shift towards bearishness is particularly pronounced. This 'key lack of optimism' may be a common ingredient for prices rebounding, as markets often move in the opposite direction of crowd expectations.
Bitcoin's price has held steady within a narrow range of $65,000 to $73,000 over the past 30 days, despite the deteriorating sentiment indicators. Institutional demand has cushioned the price during this period, with spot Bitcoin ETFs absorbing approximately 50,000 Bitcoin in March and Strategy adding another 44,000 Bitcoin to its holdings.