Bitcoin Faces Rare 'Extended Level' of FUD on X: Santiment

Bitcoin has been experiencing a rare "extended level of FUD" on X (formerly Twitter) as it trades sideways around $65,000, according to cryptocurrency intelligence platform Santiment. The platform's Weighted Sentiment Index, which measures Bitcoin mentions on X and compares positive to negative comments, has been negative since May 23 and currently stands at -0.738, indicating predominantly negative sentiment. This negative sentiment stems from traders and analysts expressing disappointment and boredom with the lack of significant price movement. The extended consolidation, however, could lead to a meteoric price surge in the future. Some analysts believe that the longer the consolidation, the larger the expansion afterward. While negative sentiment is prevalent, the Fear and Greed Index is currently showing a Greed reading of 63, indicating a more positive overall market sentiment.