Tension is rising for Bitcoin: Which level can be decisive?

According to the information of crypto analysis platform Santiment, Bitcoin, X is facing FUD pronouncements in the $65,000 band.

“This level of extended FUD is rare as traders continue to capitulate,” Santiment wrote in a June 20 X post. “Investors are afraid of cryptocurrencies as Bitcoin fluctuates between $65,000 and $66,000,” he added.

According to CoinMarketCap data, Bitcoin’s price traded between highs around $67,294 and lows around $64,180 last week. Santiment noted that Bitcoin’s Loaded Sentiment Index, a metric that compares investors’ sentiments on X, has remained negative since May 23.

At the time of publication, it was at -0.738, indicating that Bitcoin mentions were predominantly negative about X. But positive events for Bitcoin, such as the approval of 11 spot Bitcoin ETFs on January 10 and the Bitcoin halving on April 20, saw the indicator rise to positive levels of 4.49 and 2.35 respectively.

What do analysts say about Bitcoin?

Negative intent towards Bitcoin on social media has come from every cross-section of the crypto community, including traders and analysts with large followings.

“Bitcoin is about day 60 into a roughly 150-day sideways lull since the halving,” Glassnode chief analyst James Check, aka “Checkmatey,” wrote in a June 19 X post.

Another crypto analyst, Jelle, stated, “Months of sideways price movement – ​​the most boring phase of the bull market.”

“BTC is pretty boring right now,” added crypto expert Trader Cobb.

Some believe that prolonged consolidation could lead to a very rapid price increase. On June 13, Cointelegraph reported that Bitcoin experienced its longest consolidation period at 92 days. Analysts said that long-term stability could prepare the asset for a “giant rise”.

“In general, the longer the consolidation, the greater the subsequent expansion,” wrote another cryptocurrency analyst, Daan Crypto Trades.