On-chain analytics firm Santiment has analyzed how the prevailing sentiment in the market may have affected the recent action in the Bitcoin price. The firm used the "social volume" indicator, which measures the total number of social media text documents discussing a given term or topic, to pinpoint discussions related to market sentiment. Santiment found that whenever the sentiment becomes too unbalanced towards any particular side, the market tends to show moves opposite to this sentiment held by the majority.
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