Over the past seven days, the words that have been trending among crypto enthusiasts on social media are “drop,” “buy,” and “Fed.” Also, the word “sell” was left out of the top 10 trending topics on Thursday, despite being very popular on Tuesday.
According to the cryptocurrency market data aggregator Santiment, social media users from Meta to Telegram to Twitter have formed a chorus, all singing the same anthem. “Drop” and “buy” are trend words # 1 and # 3, respectively, while “Fed,” or Federal Reserve, is at number six.
The behavioral analysis of the monitoring platform sheds light on the volumes of the words on social media, which may be indicative of market stance. It works in a similar way to the Crypto Fear & Greed Index, which currently shows a score of 18: “extreme fear”.
In contrast to the Index and some traders’ fears of a $ 30,000 price per Bitcoin (BTC), the spirit of buying on social media remains strong. It’s still just a third of the 1,875 point score that soared on December 4, 2021, when the price of BTC suddenly plummeted to $ 42,000.
The Federal Reserve of the United States is high on the list due to the debate about a possible rise in interest rates in 2022. The bull of Bitcoin Vijay boyapati he is not surprised. In a tweet posted last Wednesday, He suggested that BTC will fly when the Fed “loses control of the bubble that they have inflated over the last decade.”
Interestingly, Tuesday saw a pickup in “sell” sentiment activity. The clamor to sell three days ago was as intense as the one that prompted investors to buy on November 29, 2021, at 4,828 points behind Santiment. However, at the time the bull run seemed to be in full swing.
Overall, the crypto market’s stance seems bullish that current behavior is just a dip. However, the “bearish” theme has risen from number ten on Thursday night to number eight on Friday.
With the price of BTC dropping to $ 41,000, there could be more volatility in the future.