Market sentiment falls along with the price of bitcoin

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The crypto community is rapidly losing faith in bitcoin. About it on my twitter page reported Santiment analysts.

They note that the fall of bitcoin below $34,000 led to a sharp collapse in market sentiment to a six-week low. The last time a similar skepticism was observed was on March 24, but then Bitcoin traded higher, at $43,000.

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Meanwhile, the index of fear and greed dropped to the values ​​of “extreme fear”. At the same time, it is worth noting that fear has been lingering in the market since April, and its peak value has been preserved in recent days.

Note that at the time of writing, the bitcoin rate in the BTC/USD trading pair is $33,650, according to CoinGecko. The market capitalization of the cryptocurrency has decreased to $639 billion, and the total market capitalization has completely decreased to $1.5 trillion.

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Now the largest cryptocurrency by capitalization is trying to make a bearish breakout from the ascending parallel channel, which has been present since May 2021. A bearish breakdown of such a long-term price structure could trigger an acceleration in the rate of price decline.

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Source: Cryptocurrency

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