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Bitcoin (BTC) Sentiment Reverses Amid Price Correction Below $8,000

Jun 07, 2019

 

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Better Research, Better Investments.Better Research, Better Investments.

 

  • After a week of positive sentiment on both an article and social basis, Bitcoin (BTC) has observed largely negative sentiment to start the June trading month. There is, however, no clear news story or event driving the negative sentiment. Perhaps the negative sentiment is simply related to BTC’s price correction to below $8,000 that occurred overnight Monday into Tuesday. 
     
  • Interestingly enough, BTC’s harshly negative sentiment scores on May 8th and 9th preceded the benchmark coin’s rally from around the $6,000 price level to a high of just below $9,000 on May 27th. Current sentiment levels are nowhere near as negative, however, as those that proceeded the rally in the BTC.  
     
  • BTC is trading near its 1-month low valuation in terms of Network Value to Transaction Ratio (NVT Ratio), as can be clearly seen below. Our models still rate BTC as “Do Not Own” so we do suggest that investors avoid buying the benchmark coin at this time.  
     
  • Worth noting the apparent cyclicality occurring in BTC’s daily volume chart during May and early June. As can be seen below, BTC has observed depressed volumes on weekend trading days relative to weekday trading days.  
     

Bitcoin (BTC) Volume - Last 30 Days

Bitcoin (BTC) Volume - Last 30 Days

Average Bitcoin (BTC) Article Sentiment - Last 30 Days

Average Bitcoin (BTC) Article Sentiment - Last 30 Days

Bitcoin (BTC) Article Count - Last 30 Days

Bitcoin (BTC) Article Count - Last 30 Days

 

 

We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.
We Crunch the Numbers, You Make the Trade.We Crunch the Numbers, You Make the Trade.

 

Overall Bitcoin (BTC) Social Sentiment - Last 30 Days

Overall Bitcoin (BTC) Social Sentiment - Last 30 Days

Bitcoin (BTC) Google Trends - Last 30 Days

Bitcoin (BTC) Google Trends - Last 30 Days

Bitcoin (BTC) Network Value to Transaction Ratio - 10-Day EWMA - Last 30 Days

Bitcoin (BTC) Network Value to Transaction Ratio - 10-Day EWMA - Last 30 Days

 

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