Social media sentiment around Bitcoin has turned negative after the recent drop in its price. According to a new post on X from analytics firm Santiment, the Positive/Negative Sentiment metric for Bitcoin has fallen. This metric measures whether most social media comments about a specific asset are positive or negative.
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The tool works by analyzing posts, messages, and threads that mention the cryptocurrency on major social media platforms. It uses a machine-learning model to sort comments into bullish or bearish categories. Then, it counts the number of posts in each group and calculates their ratio to show the overall sentiment.
Here’s a chart from Santiment showing how Bitcoin’s Positive/Negative Sentiment has changed over the past month:
As the chart shows, the sentiment shot up into the “FOMO” zone earlier when Bitcoin’s price was recovering. This is normal because positive price movements often make traders more optimistic. But the opposite has happened during the latest price drop. The Positive/Negative Sentiment has now fallen to 0.94, meaning bearish comments are slightly more common on social media. This is the lowest level since April 21st.
Historically, digital asset markets often move against the crowd. So, this shift toward bearish sentiment could actually be a good sign for Bitcoin. “As small traders sell their coins in reaction to this mild downturn, the chances of a rebound increase, especially when most people expect further drops,” the analytics firm explained.
However, the chart shows that sentiment hasn’t yet entered the “FUD” zone, where bearishness is strong enough to make a rebound likely.
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In other news, Santiment also noted in another X post that the number of Bitcoin whales has grown over the past year. The chart shows there are now 20,229 wallets holding at least 100 BTC (worth about $7.64 million). That’s an 11.2% increase compared to a year ago. The firm pointed out: “This is a significant long-term trend because wallets of this size (currently around $7.7 million or more) are often linked to whales, major investors, institutions, and well-funded long-term holders.”
BTC Price
Bitcoin has dropped to $76,400 after falling more than 5% over the past week.
Featured image from Dall-E, chart from TradingView.com
Frequently Asked Questions
Here is a list of FAQs about Bitcoin dropping below 77000 written in a natural conversational tone with clear simple answers
BeginnerLevel Questions
1 I just saw that Bitcoin dropped below 77000 Is this a big deal
Yes its a significant psychological drop 77000 was a recent support level so falling below it made a lot of people nervous However Bitcoin has seen much bigger drops before
2 Why did Bitcoin suddenly crash
Theres rarely one single reason Usually its a mix of things negative news big investors selling off their coins or just a general fear spreading on social media that triggers more selling
3 Should I sell my Bitcoin right now
That depends on your personal risk tolerance and timeline If youre panicking its often better to wait until the market calms down before making a decision Selling in a panic usually locks in a loss Historically Bitcoin has recovered from big drops but its never guaranteed
4 Is Bitcoin dead now
No Bitcoin has been declared dead hundreds of times over the years A single price drop even a big one doesnt mean the technology or network is dead Its a volatile asset and these swings are normal
5 Im new to crypto Should I buy the dip now that its under 77000
Be very careful Buying the dip can work but nobody knows if the price will go lower A better strategy for a beginner is to use dollarcost averaging instead of trying to time the bottom
Intermediate Advanced Questions
6 What does it mean when people say 77000 was a support level
A support level is a price point where buyers have historically stepped in to stop the price from falling further When Bitcoin broke below 77000 that support turned into resistance Its a technical analysis term that traders watch closely
7 Why does social media panic make the price drop even more
It creates a feedback loop Negative posts make people fearful so they sell The price drops More people see the dropping price