Bitcoin Sentiment Dips on Social Media as Market Optimism Wanes

Recent market downturns have significantly reduced the previously high levels of optimism and excitement about Bitcoin's price, suggesting a possible approach to a market bottom.

Analysis from the crypto analytics firm Santiment reveals a notable decline in positive Bitcoin BTCUSD comments on various social media platforms, including X, Reddit, Telegram, 4Chan, and BitcoinTalk. This dip in bullish sentiment was most pronounced at the start of April, just before the anticipated Bitcoin halving event. However, in the last three months, this optimism has steadily declined as traders have grown increasingly disillusioned, particularly due to Bitcoin's inability to surge to new record highs. This shift in trader sentiment reflects a broader loss of confidence, potentially signaling a turning point in market dynamics.

For Bitcoin, the first support level is positioned at 60,000. If it declines further, the next key levels to expect are 58,000 and 54,000. Conversely, on the upward trajectory, the initial resistance point is at 65,000, with subsequent resistances at 66,000 and 66,700.

Resistance 3	Resistance 2	Resistance 1	Support 1	Support 2	Support 3
66,700	66,000	65,000	60,000	58,000	54,000