Journalist
Posted:
- Bitcoin’s price faced a bearish downturn after crossing $66,000, increasing market uncertainty.
- Technical indicators have pointed to bullish sentiment, but a potential trend reversal looms as volatility increases.
After crossing the $66,000 mark, causing excitement in the crypto community and fueling hopes of an impending bull run, Bitcoin has [BTC] was under a bearish cloud.
According to the latest data from CoinMarketCapBTC was trading at $64,519, after dipping 1.65% in the past 24 hours.
This sudden downturn has dampened the optimism of many investors, leaving the market uncertain about what lies ahead for the leading cryptocurrency.
Bitcoin turns bearish
The on-chain analytics platform notes the bearish divergence Santiment shared his insights on X (formerly Twitter) on September 29, noting:
“If you’re waiting for Bitcoin’s new all-time high, you may have to wait for the crowd to slow down their own expectations.”
Source: Santiment/X
In its latest post, Santiment highlighted that there are now approximately “1.8 bullish posts towards BTC for every 1 bearish post,” reflecting continued optimism despite recent market declines.
This was further confirmed by Jameson Lopp, Chief Security Officer at Casa, who said:
“Bitcoin sentiment is changing positively in the mainstream media as FUD cannot stand the test of time.”
Source: Jameson Lopp/X
However, Santiment draws a parallel with past achievements:
“Markets have historically always moved in the opposite direction of public expectations.”
Do technical indicators show a different picture?
While discussions suggest it may take some time for Bitcoin to reach a new all-time high, technical indicators paint a more nuanced picture.
For example, the Relative Strength Index (RSI) is currently above the neutral zone at 59, reflecting bullish sentiment.
However, it is worth noting that the RSI has been trending downward since September 29, indicating a possible trend reversal.
This cautious outlook is further supported by the Bollinger Bands, which have widened, indicating increased volatility and possible shifts in market sentiment.
Source: trading view
However, the community still looks positive, as noted by an X user: Crypto Robber who said,
“The #Bitcoin Bull Market Starts Here!”
Source: Crypto Rover/X