Bitcoin Slumps Under $64K Amid Historic ‘Negative’ Sentiment

Bitcoin’s

(BTC)
slow
bleed
lower
over
the
past
weeks
has
sped
up
Friday,
the
price
dipping
more
than
3%
in
the
past
24
hours
to
slide
to
about
a
five-week
low
of
$63,700,
now
lower
by
9%
over
the
past
month.

Contrarian
bulls,
however,
might
take
comfort
as
indicators
tracked
by
analysis
firm
Santiment
show
that
crowd
sentiment
for
BTC
is
now
in
its
fourth
week
of
“extreme
negative”
reading.

“The
crowd
is
mainly
fearful
or
disinterested
toward
Bitcoin,”
the
firm
said
in
an
X
post
Friday.
“This
extended
level
of
FUD
is
rare,
as
traders
continue
to
capitulate,”
they
added.
“BTC
trader
fatigue,
combined
with
whale
accumulation,
generally
leads
to
bounces
that
reward
the
patient.”

Santiment’s
Weighted
Sentiment
Index
measures
bitcoin
mentions
on
X
and
compares
the
ratio
of
positive
to
negative
comments
and
trading
volumes
to
gauge
what
the
crowd
is
generally
feeling
about
bitcoin.
The
index,
which
shows
a
-0.73
reading
as
of
Friday,
has
been
negative
since
May
23.

Elsewhere,
data
from
Google
Trends
shows
a
decline
in
retail
search
interest.
The
tool
allows
users
to
compare
the
relative
volume
of
searches.
A
line
trending
downward
means
that
a
search
term’s
popularity
relative
to
other
popular
terms
is
decreasing.
Worldwide
searches
for
“bitcoin”
have
steadily
fallen
since
March
2024,

data
shows.

BTC
prices
have
generally
suffered
in
the
past
few
weeks
amid
$1
billion
in
sales
from
large
holders,
dollar
strength
and
a
strong
U.S.
technology
index
market
that
may
be
drawing
investor
money.

Outflow
activity
from
U.S.-listed
spot
bitcoin
exchange-traded
funds
(ETFs)
has
also
reached
its
worst
since
late
April,

with
$900
million
leaving
the
products
so
far
this
week.
These
figures
are
nearing
the
$1.2
billion
in
total
net
outflows
in
trading
sessions
from
April
24
to
May
2.

Some
traders
expect
bitcoin
to
reach
the
$60,000
level
in
the
near-term
due
to
the
lack
of
growth
catalysts,
although
the
long-term
outlook
remains
bullish,
as

previously
reported.