Despite the anticipation of a crypto market ‘Uptober,’ Bitcoin was still stuck under the $20,000 level as social volumes continued to dwindle.
A new month is often accompanied by positive social sentiment and fresh gains for assets. For Bitcoin and the larger cryptocurrency market, bearish blues are still playing despite entering October.
Social data from Santiment showed a weighted BTC sentiment score of -1.185, while the social volume Twitter news metric fell back to its lowest levels since April 2022. Low social volumes and a drop in weighted sentiment highlighted that talk of BTC on social media has taken a hit, indicating that interest in the top cryptocurrency by market cap has waned.
Maximum pain for BTC HODLers?
Bitcoin analyst Willy Woo pointed out that maximum pain levels had not yet been reached, which could mean BTC HODLers are yet to reach a bottom. Looking at the chart below showing BTC supply at a loss, it is evident that during past cycles the BTC price bottomed when...
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