Crypto traders are turning bearish after Bitcoin and Ethereum struggled to maintain recent gains, according to several on-chain metrics.
Additional Aug. 20 data from Santiment corroborates the flaccid market sentiment. The firm pointed out that social media sentiments around Bitcoin had reached their lowest levels since June 22, when geopolitical tensions triggered panic selling.
“Retail traders have done a complete 180 after Bitcoin has failed to rally and dipped below $113,000.”
Meanwhile, the bearish mood appears to have influenced trading behavior.
According to the firm:
“Powell’s Jackson Hole address remains the key potential pivot [for the crypto market]: dovish language may spark a rebound, hawkish tones could trigger deeper corrections.”
