{"id":13127,"date":"2023-05-24T10:05:03","date_gmt":"2023-05-24T14:05:03","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/santiment-measures-social-media-text-volumes-of-bitcoin\/"},"modified":"2023-05-24T10:05:04","modified_gmt":"2023-05-24T14:05:04","slug":"santiment-measures-social-media-text-volumes-of-bitcoin","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13127","title":{"rendered":"Santiment Measures Social Media Text Volumes of Bitcoin"},"content":{"rendered":"<div>\n<p>The price of Bitcoin (BTC) generally moves in the opposite direction of what traders anticipate, crypto sentiment analysis firm Santiment has found.<\/p>\n<p>Writing on Twitter earlier this week, Santiment said that the fact that Bitcoin\u2019s price moves contrary to what \u201cthe crowd\u201d expects is something that has been seen many times, and most recently this past weekend.<\/p>\n<p>Last Sunday, Bitcoin briefly bounced to nearly $27,300, as traders expressed \u201cdisbelief\u201d in social media, Santiment wrote.<\/p>\n<p>Today, however, that situation has turned, and optimism has returned to the market.<\/p>\n<p>This appears to be \u201cresulting in a top,\u201d Santiment pointed out in the tweet.<\/p>\n<figure class=\"media\"><oembed data-embedo-height=\"400\" data-embedo-url=\"https:\/\/twitter.com\/santimentfeed\/status\/1660676280407461889\" loading=\"lazy\"><\/oembed><\/figure>\n<p>At the time of writing, Bitcoin was down some 2.2% over the past 24 hours, trading around the $26,700 level, data from CoinGecko showed.<\/p>\n<p>For the past 7 days as a whole, the price is nearly unchanged, after what has been a week with unusually stable Bitcoin prices.<\/p>\n<p>Sentiment analysis like what Santiment does is a relatively popular method to use among crypto traders, with the general wisdom being to trade \u2018against the crowd\u2019 whenever sentiment appears extreme either on the bullish or bearish side.<\/p>\n<p>A commonly used tool in addition to Santiment is the Bitcoin Fear &amp; Greed Index, which considers input from different sources, including social media, Google searches, price momentum and volatility.<\/p>\n<p>At the time of writing, the Bitcoin Fear &amp; Greed Index stood at exactly 50, indicating neutral sentiment among market participants.<\/p>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/santiment-measures-social-media-text-volumes-of-bitcoin-heres-what-they-find.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The price of Bitcoin (BTC) generally moves in the opposite direction of what traders anticipate, crypto sentiment analysis firm Santiment has found. Writing on Twitter earlier this week, Santiment said that the fact that Bitcoin\u2019s price moves contrary to what \u201cthe crowd\u201d expects is something that has been seen many times, and most recently this [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":13128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-13127","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Santiment Measures Social Media Text Volumes of Bitcoin | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The price of Bitcoin (BTC) generally moves in the opposite direction of what traders anticipate, crypto sentiment analysis firm Santiment has\" \/>\n<meta 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