Santiment: Retail Sentiment Enters Extreme Fear Territory, Market May See a Technical Rebound

BlockBeats News, February 2nd, Cryptocurrency market research firm Santiment posted on social media today, stating that since January 28th, Bitcoin has dropped by 16%, with social media flooded with FUD (Fear, Uncertainty, Doubt) sentiment. After dropping to a low of $74,600, BTC has rebounded to $78,300 due to retail panic selling. This once again proves that market trends often go against popular narratives.

Negative comments about cryptocurrency continue to emerge, and social data shows that the current retail sentiment's pessimism has surpassed any period since the crash on November 21st last year. In most cases, after experiencing such a significant negative sentiment impact, the market usually sees a technical rebound. So far, this rebound has encouragingly shown a similar trend to the previous two FUD events.