{"id":526429,"date":"2023-04-11T17:00:25","date_gmt":"2023-04-11T17:00:25","guid":{"rendered":"https:\/\/wncen.com\/?p=526429"},"modified":"2024-06-11T07:01:47","modified_gmt":"2024-06-11T07:01:47","slug":"bitcoin-market-shows-signs-euphoria-30000-lost","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-market-shows-signs-euphoria-30000-lost\/","title":{"rendered":"Bitcoin Market Shows Signs Of Euphoria, Will $30,000 Be Lost?"},"content":{"rendered":"

Data shows that Bitcoin investors are showing a high amount of hype around the break above $30,000, something that may end up backfiring.<\/p>\n

Bitcoin Investors Are Showing High Levels Of Euphoria Currently<\/h2>\n

According to data from the on-chain analytics firm Santiment<\/a>, euphoria in the market is currently significantly more than what was observed following the break above the $25,000 level last month.<\/p>\n

The indicator of interest here is the “Social Volume<\/a>,” which tells us about the degree of discussion that’s taking place around a specific topic (like Bitcoin or the cryptocurrency market in general).<\/p>\n

This metric makes this measurement by counting the total number of social media text documents that mention the given keyword. The social media text documents here refer to a collection of data sourced from social media websites like Twitter, Reddit, and Telegram.<\/p>\n

Related Reading: Chainlink Investors Show Pessimism, Break Incoming?<\/a><\/div>\n

Something to note about the indicator is that it doesn’t measure how many mentions the term is getting on social media, but rather how many of the text documents contain it at least once. For example, if a Reddit thread mentions “Bitcoin” five times, the post will still only contribute one unit towards BTC’s Social Volume.<\/p>\n

Now, here is a chart that shows the trend in the Social Volume for the cryptocurrency market specifically filtered for terms related to Bitcoin’s break above the $30,000 level<\/a>:<\/p>\n

\"Bitcoin<\/p>\n

The value of the metric seems to have been quite high over the past day | Source: Santiment on Twitter<\/a><\/pre>\n
As shown in the above graph, to get only the Social Volume for discussions related to the Bitcoin price breakout, these terms have been chosen by the analytics firm: $30k, 30k, $30,000, and 30,000.<\/p>\n
It looks like the indicator’s value has seen a massive spike for these terms during the last day. This obviously makes sense, as any sudden price movements such as the one being seen now generally get the asset under the spotlight, and with such attention naturally follow discussions on social media.<\/p>\n
Related Reading: How To Trade Bitcoin Ahead Of Tomorrow\u2019s CPI Release? Analysts Weigh In<\/a><\/div>\n
The scale of the spike, however, is still extraordinarily large here and shows how hyped investors are about this rally. In the chart, Santiment has also displayed the Social Volume for $25,000-related terms, to showcase how the current spike compares with the earlier break above that level.<\/p>\n
It’s clearly visible that the Social Volume spike seen during the surge above $25,000 last month was quite a bit smaller than the one observed this time. Back then, the price continued to rise beyond the level for a while, but it eventually hit a local top and tumbled back down.<\/p>\n
Such a high amount of hype is usually a sign that euphoria<\/a> is building up among the investors, which is something that has historically led to the cryptocurrency observing a pullback.<\/p>\n
As euphoria could be hitting the market once again right now, it’s possible that the coin may see a retreat below the $30,000 mark. However, a pullback, if one happens, doesn’t necessarily have to last for too long, as BTC was able to bounce back from the $25,000 hype top quickly enough.<\/p>\n
BTC Price<\/h2>\n
At the time of writing, Bitcoin is trading around $30,100, up 7% in the last week.<\/p>\n
\"Bitcoin<\/p>\n
Looks like the value of the asset has rapidly risen today | Source: BTCUSD on TradingView<\/a><\/pre>\n
Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/div>\n","protected":false},"excerpt":{"rendered":"
Data shows that Bitcoin investors are showing a high amount of hype around the break above $30,000, something that may end up backfiring. Bitcoin Investors Are Showing High Levels Of Euphoria Currently According to data from the on-chain analytics firm Santiment, euphoria in the market is currently significantly more than what was observed following the break above the $25,000 level last month. The indicator of interest here is the “Social Volume,” which tells us about the degree of discussion that’s taking place around a specific topic (like Bitcoin or the cryptocurrency market in general). This metric makes this measurement by counting the total number of social media text documents that mention the given keyword. The social media text documents here refer to a collection of data sourced from social media websites like Twitter, Reddit, and Telegram. Related Reading: Chainlink Investors Show Pessimism, Break Incoming? Something to note about the indicator is that it doesn’t measure how many mentions the term is getting on social media, but rather how many of the text documents contain it at least once. For example, if a Reddit thread mentions “Bitcoin” five times, the post will still only contribute one unit towards BTC’s Social Volume. Now, here is a chart that shows the trend in the Social Volume for the cryptocurrency market specifically filtered for terms related to Bitcoin’s break above the $30,000 level: The value of the metric seems to have been quite high over the past day | Source: Santiment on Twitter As shown in the above graph, to get only the Social Volume for discussions related to the Bitcoin price breakout, these terms have been chosen by the analytics firm: $30k, 30k, $30,000, and 30,000. It looks like the indicator’s value has seen a massive spike for these terms during the last day. This obviously makes sense, as any sudden price movements such as the one being seen now generally get the asset under the spotlight, and with such attention naturally follow discussions on social media. Related Reading: How To Trade Bitcoin Ahead Of Tomorrow\u2019s CPI Release? Analysts Weigh In The scale of the spike, however, is still extraordinarily large here and shows how hyped investors are about this rally. In the chart, Santiment has also displayed the Social Volume for $25,000-related terms, to showcase how the current spike compares with the earlier break above that level. It’s clearly visible that the Social Volume spike seen during the surge above $25,000 last month was quite a bit smaller than the one observed this time. Back then, the price continued to rise beyond the level for a while, but it eventually hit a local top and tumbled back down. Such a high amount of hype is usually a sign that euphoria is building up among the investors, which is something that has historically led to the cryptocurrency observing a pullback. As euphoria could be hitting the market once again right now, it’s possible that the coin may see a retreat below the $30,000 mark. However, a pullback, if one happens, doesn’t necessarily have to last for too long, as BTC was able to bounce back from the $25,000 hype top quickly enough. BTC Price At the time of writing, Bitcoin is trading around $30,100, up 7% in the last week. Looks like the value of the asset has rapidly risen today | Source: BTCUSD on TradingView Featured image from Kanchanara on Unsplash.com, charts from TradingView.com, Santiment.net<\/p>\n","protected":false},"author":542,"featured_media":526458,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,88100,6481,88101,1119,1144],"class_list":["post-526429","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-euphoria","tag-bitcoin-rally","tag-bitcoin-social-volume","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\nBitcoin Market Shows Signs Of Euphoria, Will $30,000 Be Lost?<\/title>\n<meta name=\"description\" content=\"Data shows that Bitcoin investors are showing a high amount of hype around the break above $30,000, something that may end up backfiring. 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Keshav has been writing for many years, first as a hobbyist and later as a freelancer. He has experience working in a variety of niches, even fiction at one point, but the cryptocurrency industry has been the longest he has been attached to. In terms of official educational qualifications, Keshav holds a bachelor\u2019s degree in Physics from one of the premier institutes of India, the University of Delhi (DU). He started the degree with an aim of eventually making a career in Physics, but the onset of COVID led to a shift in plans. The virus meant that the college classes had to be delivered in the online-mode and with it came free time for him to explore other passions. Initially only seeking to make some beer money, Keshav unexpectedly landed clients offering real projects, after which there was no looking back. Writing was something he had always enjoyed and to be able to do it for a living was like a dream come true. Keshav completed his Physics degree in 2022 and has been focusing on his writing career since, but that doesn\u2019t mean his passion for Physics has ended. He eventually plans to re-enter university to obtain a masters degree in the same field, but perhaps only to satiate his own interest rather than for using it as a means to find employment.. Keshav has found blockchain and its concepts fascinating ever since he started going down the rabbit-hole back in 2020. On-chain analysis in particular has been something he likes to research more about, which is why his NewsBTC pieces tend to involve it in some form. Being of the science background, Keshav likes if concepts are clear and consistent, so he generally explains the indicators he talks about in a bit of detail so that the readers can perhaps come out having understood and learnt something new. As for hobbies, Keshav is super into football, anime, and videogames. He enjoys football not only as a watcher, but also as a player. For games, Keshav generally tends towards enjoying singleplayer adventures, with EA FC (formerly FIFA) being the only online game he is active in. Though, perhaps due to being ultra-focused on the game, he is today a semi-pro on the EA FC scene, regularly participating in tournaments and sometimes even taking back prize money. Because of his enthusiasm for anime and games, he also self-learned Japanese along the way to consume some of the untranslated gems out there. The skill didn\u2019t merely remain as just a hobby, either, as he put it to productive use during his exploration for small-time gigs at the start of COVID, fulfilling a couple of Japanese-to-English translation jobs. Keshav is also big into fitness, with agility and acceleration-related workouts making a big part of his program due to the relevance they have in football. On top of that, he also has a more traditional strength based program for the gym, which he does to maintain an overall fitness level of his body.","sameAs":["https:\/\/www.linkedin.com\/in\/keshavverma29\/","https:\/\/x.com\/https:\/\/twitter.com\/keshavvarma29"],"url":"https:\/\/wncen.com\/author\/hououinkyouma29\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Market Shows Signs Of Euphoria, Will $30,000 Be Lost?","url":"http:\/\/wncen.com\/news\/bitcoin-market-shows-signs-euphoria-30000-lost\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-market-shows-signs-euphoria-30000-lost\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-Lta5b8mPytw-unsplash-2-scaled.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-Lta5b8mPytw-unsplash-2-scaled.jpg?fit=2560%2C1703"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Keshav Verma"}],"creator":["Keshav Verma"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin euphoria","bitcoin rally","bitcoin social volume","btc","btcusd"],"dateCreated":"2023-04-11T17:00:25Z","datePublished":"2023-04-11T17:00:25Z","dateModified":"2024-06-11T07:01:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Market Shows Signs Of Euphoria, Will $30,000 Be Lost?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-market-shows-signs-euphoria-30000-lost\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-market-shows-signs-euphoria-30000-lost\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash-2-scaled.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/04\\\/kanchanara-Lta5b8mPytw-unsplash-2-scaled.jpg?fit=2560%2C1703\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Keshav Verma\"}],\"creator\":[\"Keshav Verma\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin euphoria\",\"bitcoin rally\",\"bitcoin social volume\",\"btc\",\"btcusd\"],\"dateCreated\":\"2023-04-11T17:00:25Z\",\"datePublished\":\"2023-04-11T17:00:25Z\",\"dateModified\":\"2024-06-11T07:01:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/04\/kanchanara-Lta5b8mPytw-unsplash-2-scaled.jpg?fit=2560%2C1703","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/526429"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/542"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=526429"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/526429\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/526458"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=526429"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=526429"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=526429"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}