BTC Crowd Sentiment Hits Historic Low – Bullish for Bitcoin Price?

Bitcoin Cryptocurrency News Price Analysis

Bitcoin witnessed its price rising over $45K once more after a weekend filled with low activity. Keep in mind that the digital asset lost the $50K mark after the flash market crash last week.

Bitcoin experienced healthy moves that had investors eye the resistance at $55K. However, the currency struggles to accumulate momentum to rally past $50K at the moment. Bitcoin broke out in August after a long slumber, registering a new three-month peak of over $50K. Also, the overall crypto market depicted a bullish revival.

September has been bearish as BTC records negative monthly returns. Moreover, the dominant asset has seen single-digit gains in most sessions. For now, the market seems to remain red in most of this month. According to data by Santiment firm, BTC crowd sentiment hit a historic low.

The parameter includes negative vs. positive BTC score and commentary volume. Though the negative outlook reflects the current market condition, BTC has historically seen considerable bounce when crowd sentiments attain record lows.

BTC Needs to Overpower $50K

For now, the world’s dominant coin forms a massive on-chain support area at $45K – $50K. Meanwhile, the asset seemed to reach the $55K to $59K range on-chain support before the recent dramatic crash. Bitcoin has to overcome the critical resistance at $50K. Remember, this region has experienced amplified buy orders.

If Bitcoin bulls gain the needed strength to overpower this resistance and flip it to support, the leading asset will turn bullish. Also, Bitcoin might witness a golden cross, considered massive bullishness, in the days to come. Lark Davis tweeted that BTC actions might confirm a golden cross tomorrow.

Alt’s remarkable 2nd leg bullish run overshadowed Bitcoin’s momentum. Some of the alternative tokens that saw new ATH include Cardano (ADA), Terra (LUNA), and Solana (SOL). Meanwhile, Bitcoin has higher chances to close the $50K mark in the coming weeks, before September ends. For now, Bitcoin sees slight gains as it rose beyond the $45K mark. If the upcoming sessions witness amplified buying activities, Bitcoin will clear its road to explore the levels past $50K.

Do you think that we will see a trend change in the remaining September sessions? You can share your thoughts below.

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