Thursday, May 26

Bitcoin (BTC) Related Tweets Hit 232K, All-Time High


Speaking of Bitcoin (BTC), the tweets reached a new peak of 232.7k in a 24-hour period. The record was broken yesterday (May 20). While some Bitcoin tweets indicate that investors are panicking, the majority are optimistic that Bitcoin’s $ 50k support will regain.

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The number of tweets related to Bitcoin reached its all-time high of 232.7 thousand in the last 24 hours. This milestone was captured by The Tie team, who pointed out that the record was broken yesterday on May 20. The team shared the chart below, which provides a visual of the increasing volume of tweets related to Bitcoin.

Screenshot 2021 05 21 12.39.29

The Santiment Feed team also investigated the current sentiment surrounding Bitcoin on Twitter and concluded that the ongoing FUD caused cryptocurrency traders to go into panic mode. Also, the Bitcoin funding rate on Bitmex is heading to a record-breaking zone of -0.25%, which indicates that shorts outperform long positions. The team shared their observations via the description and accompanying graphic below.

Hopeful That Bitcoin Will Regain The $ 50,000 Level

The team at Santiment published a Twitter poll asking if Bitcoin will buy back $ 50k or retest the last low of $ 30k. At the time of writing, more than 1,500 Twitter users said they thought Bitcoin would reach $ 50,000 again.

$ 42,000 Difficult Barrier for Bitcoin

Bitcoin surged 41.5% from Wednesday’s low of $ 30,000. However, Bitcoin has since dropped to $ 39,400 due to tremendous selling pressure from $ 42k to $ 40k.

Once again, this price area will be difficult to break, as it did in early January, when Bitcoin hit an all-time high of $ 41,950. Therefore, if history repeats, Bitcoin can fluctuate between $ 42,000 and $ 30,000 for a month.