BlockBeats news: On February 2, crypto market research firm Santimen posted on social media stating that since January 28, Bitcoin has dropped 16%, and social media has been filled with FUD (fear, uncertainty, and doubt). After falling to a low of $74,600, BTC rebounded to $78,300 due to panic selling by retail investors. This once again demonstrates that market movements often go against the popular narrative.
Negative sentiment regarding crypto assets continues to emerge. Social data shows that the current pessimism among retail investors has reached levels not seen since the crash on November 21 of last year. Typically, after such a significant negative sentiment shock, the market usually experiences a technical rebound. So far, this rebound has encouragingly shown a pattern similar to those following the previous two FUD events.