Sentiment Toward Bitcoin Drops to Historic Low…Here’s What Bitcoin Needs to Rise
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Answer Sentiment Toward Bitcoin Drops to Historic Low…Here’s What Bitcoin Needs to Rise
Bitcoin price surged above $45,000 again after a relatively low and less-active weekend.
The top cryptocurrency lost a major support of $50K during the sudden market crash last week.
Bitcoin looked ready to test the $55,000 resistance but pulled back, now struggling to build momentum above $50k.
Bitcoin came out of its slumber that took almost 3 months, to reach a new 3-month high above $50,000 and the rest of the altcoins showed a bullish recovery as well.
However, September has historically proven to be a bearish month with monthly Bitcoin returns mostly negative, with gains being in single digits most of the time.
Read:China’s Supreme Court Declares Cryptocurrency Not Protected By Law
It also appears that September 2021 is no different from the September of years past, although the first week was somewhat bullish which made many believe that Bitcoin broke its usual September record, and now it looks like this month will remain red.
According to data from Santiment, Bitcoin sentiment has reached an all-time low.
The metric includes comment volume, calculating positive versus negative comments towards Bitcoin.
While negative market sentiment shows the current market outlook, Bitcoin price has historically recorded a major rebound as crowd sentiment reached new lows which can be seen in the chart below.
What does Bitcoin need to beat the $50K level:
Bitcoin built a strong support zone in the $45K-$50K range and was looking to break into the $55,000-$59K support zone before the quick crash.
At the moment, the $50K level is the main resistance that Bitcoin can beat upon just touching it.
However, according to many analyzes, several major purchase orders were executed in this area.
Once the top cryptocurrency can overcome the major $50K resistance and turn into support, price momentum can pick up and bitcoin ride the bullish bandwagon.
Read:Withdrawals stopped on the “Celsius” platform and the price of the digital currency of the CEL platform collapsed
The top cryptocurrency may also see a golden cross forming which is considered very bullish in the coming days.
# bitcoin Possibly confirming the golden cross tomorrow pic.twitter.com/WlFaqGCWfo
Read:Bitfinex unveils IEO subscription details for its LEO coin
– Lark Davis (@TheCryptoLark) September 14, 2021
With the second half of September, the top cryptocurrency wants to get closer to the $50K level, will it work?
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