Is Bitcoin’s Hype Fading? BTC Falls Under $65K Mark

Key Points

• Bitcoin’s price faces a bearish downturn after exceeding $66,000, creating market uncertainty.
• Technical indicators suggest bullish sentiment, but potential trend reversal is possible due to rising volatility.

Based on recent data from CoinMarketCap, BTC was traded at $64,519, following a 1.65% drop in the last 24 hours.

Bitcoin’s Bearish Turn

This sudden downturn has moderated the optimism of many investors, causing uncertainty in the market about the future of the leading cryptocurrency.

On-chain analytics platform Santiment observed the bearish divergence and shared its insights, stating, “If you’re awaiting Bitcoin’s new all-time high, it may need to wait until the crowd slows down their own expectations.”

In its most recent post, Santiment highlighted that there are now approximately “1.8 bullish posts toward BTC for every 1 bearish post”, indicating the persistent optimism despite recent market downturns.

Technical Indicators’ Perspective

While discussions suggest that Bitcoin may take time to reach a new all-time high, technical indicators provide a more detailed view.

For example, the Relative Strength Index (RSI) currently stands above the neutral zone at 59, indicating a bullish sentiment.

However, the RSI has been on a downward trend since the 29th of September, signaling a potential trend reversal.

This cautious perspective is further supported by the Bollinger Bands, which have expanded, indicating increased volatility and potential shifts in market sentiment.

Despite this, the community remains optimistic as noted by a user — Crypto Rover who stated, “The #Bitcoin bull market starts here!”