Bitcoin\u2019s price has been in a state of constant fluctuation over the past few weeks, dropping to a low of $17.6k before recovering to climb above $19k, at the time of writing.<\/p>\n
The drop in price witnessed earlier was a cause for concern for many investors who believed that the market was headed for a somewhat anticipated correction. As FOMO died down and bearish narratives began to take shape, on-chain data suggested that panic sell-offs were prevalent. In fact, according to reports, exchange inflows spiked, showing that traders moved their funds to exchanges to dispose of them.<\/p>\n
According to data from market insights provider Santiment, the market sentiment was the most negative it had been in two months. In fact, the platform went as far as deeming Bitcoin ‘undervalued.’ However, oddly enough, in less than 12 hours, this said sentiment had turned on its head, with the same reversing to flash green when Bitcoin climbed above its psychological resistance of $19,000 again.<\/p>\n
\nhttps:\/\/t.co\/2NLzk4odQe<\/a><\/p>\n
1) The price of #Bitcoin<\/a> has been a rollercoaster the past couple weeks, and before yesterday's major bounce as markets closed, we were seeing plenty of bearish narratives taking place. Our data showed that sentiment was the most negative it had been in pic.twitter.com\/qdzfq3e5Mg<\/a><\/p>\n
— Santiment (@santimentfeed) December 12, 2020<\/a><\/p><\/blockquote>\n