<\/p>\n
Crypto bullish chatter on social media has surged to levels that, according to crypto sentiment platform Santiment, could signal the current market uptrend may be short-lived.<\/p>\n
\u201cRallies that arrive with a confident crowd tend to fade faster than those climbing a “wall of worry,\u201d Santiment said<\/span><\/a> in a report published on Saturday. \u201cThose climbing skepticism tend to extend,\u201d Santiment added.<\/p>\n Santiment said the ratio of bullish to bearish crypto-related comments on social media is currently around 1.5 to 1, based on a sample of active crypto accounts tracked across multiple platforms. It comes as Bitcoin (BTC) has increased 11.50% over the past 30 days, trading at $80,628 at the time of publication, according<\/span><\/a> to CoinMarketCap. <\/p>\n Market participants often watch overall crypto sentiment to gauge whether it may be a good time to buy or sell, or to look for clues about where the market could be headed in the coming weeks.<\/p>\n The Crypto Fear & Greed Index<\/span><\/a>, which tracks overall crypto market sentiment, posted a \u201cNeutral\u201d score of 47 on Sunday after slipping back into \u201cFear\u201d territory on Thursday, signaling investors are cautious about the crypto market.<\/p>\n The Crypto Fear & Greed Index fell to a “Fear” score of 38 on Friday. Source: <\/em>alternative.me<\/em><\/a><\/p>\n Santiment said the best scenario for Bitcoin right now is not to break out further. \u201cThe team’s ideal setup is a pullback to $75k that flushes late longs, resets sentiment, and builds a healthier base,\u201d Santiment said.<\/p>\n Meanwhile, Santiment pointed to a recent increase in Bitcoin supply on crypto exchanges, potentially signaling that holders are viewing current price levels as an opportunity to take profits.<\/p>\n Related: <\/strong><\/em>Strike CEO Jack Mallers dismisses idea that Wall Street threatens Bitcoin<\/strong><\/em><\/span><\/a><\/p>\n \u201cOn-chain activity is broadly quiet, but Bitcoin supply on exchanges has ticked up over the past five days after an extended decline. The reversal could indicate early profit-taking,\u201d Santiment said. Analysts are divided on whether it will fall into that price range or continue higher.<\/p>\n MN Trading Capital founder Michael van de Poppe said<\/span><\/a> he \u201cwouldn’t be surprised that we retest lower at $70-75K before we continue to run.\u201d\u00a0<\/p>\n Crypto analyst Matthew Hyland said<\/span><\/a> that Bitcoin is \u201clikely\u201d to reach between $87,000 and $95,000 before June.<\/p>\nA confident market tends to see rallies fade fast<\/h2>\n
Bitcoin supply on exchanges rises<\/h2>\n