Last week, bitcoin, the benchmark cryptocurrency scared the larger part of the crypto community after it tanked, hitting lows of $18,200 after the news of the FED rate hike.
However, bitcoin soon corrected itself and trended right back upwards. It even broke through the $19,000 resistance, restoring the hope of investors and traders alike. Many have expressed hopes that maybe this indeed, is the bitcoin bottom.
Right after bitcoin trended upwards from the $18,200 zone and broke the $19,000 mark, the social dominance of the cryptocurrency also followed suit.
In the days following bitcoin's flash dip to the sub-$19,000 levels and its rebound, bitcoin has become the topic of over a quarter of all cryptocurrency-related discussions on digital platforms.
This increase in social dominance, according to a tweet from the crypto analytics platform Santiment, is the highest it has been in two months.
Putting a figure to it, the social dominance of bitcoin has soared to 26.27%. This happened around Sunday, September 25th according to Santiment. This social dominance metric as well was last measured in mid-July 2022.
In other words, social dominance of 26% means that bitcoin dominates more than a quarter of all the topics in social media conversations.
The chart above also shows that the weighted social sentiment is tending toward an extreme level of FUD (fear, uncertainty, and doubt). This metric also points towards bullishness, because it serves as a way to shake off paper-hand holders of BTC, and entice institutional and long-term investors.
At the same time, it has been observed that google searches relating to "shorting bitcoin" are now at an all-time low, also suggesting that bitcoin may soon be bullish in the near future.
BTC continues to consolidate around the $19,000 zone, as the battle between the bulls and the bears rages on. The cryptocurrency trades at around $19,204 at the time of writing.
The price of BTC is held up by the 50 and 100-period moving averages on the daily timeframe converging and serving as the only resistance the bulls have to worry about against the bears.
However, if the price manages to break above these moving averages, we may see strong upward momentum, possibly towards the $22,000 zone in the near future.
BTC has increased 2% in the last 24 hours and is currently trying to break above the $19,200 resistance.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)