Analysts at Santiment, in their report, recorded a rise in negative sentiment across the cryptocurrency market.
? Some bizarrely high levels of negative #crypto sentiment has appeared this weekend, particularly here on #Twitter. It’s hard to gauge what may be contributing to one of the highest levels of #FUD @santimentfeed has ever recorded. Read our thoughts! ?https://t.co/b9Z3LGtDVr pic.twitter.com/17lZ6bF95X
— Santiment (@santimentfeed) March 5, 2023
The downside trend is seen primarily on social media, notably on Twitter. In recent days, analysts noted that the key hashtag has been #cryptocrash.
On the sentiment diagram, which shows the balance of bullish and bearish words, the spike in negativity appears to have begun after the recent pullback of Bitcoin below $22,000.
“It is difficult to assess what caused one of the highest levels of FUD that have ever been recorded by Santiment,” the analysts added.
Earlier on-chain data indicated potential for further Bitcoin price growth, according to the ForkLog analytical report.