Bitcoin Stuck At $26K Level, 'Traders' Are Divided What Action To Take!

<p>The downward trend in the crypto market has left many 'traders' hoping for a quick recovery with what can be seen from a significant increase in "buy the dip" tweets on various social media channels. However, this kind of thinking seems to be fading, with top assets like Bitcoin still in bearish territory with no signs of a rebound anytime soon.</p><p><br /></p><p>According to the latest insights from Santiment, this is an indication that people are no longer convinced that this is the right time to buy back on a dip. This means that pessimism is starting to take over again as market values fade.</p><p><br /></p><p>The market is still affected by the drop in Bitcoin price to $25.3 thousand and the subsequent fall of altcoins. Most of the top 20 cryptoassets have posted double-digit losses in the past week. Often the market expects that there will be a recovery in the market that follows after this.</p><p><br /></p><p>Santiment's finding that Reddit stands out as the dominant social media platform with the highest "buy the dip" phrase. Twitter (X) returned to a neutral position. A similar trend is also seen among 4chan and Telegram.</p><p><br /></p><p><br /></p><p>Based on past data, this is often the moment of anticipation when all four social media platforms align and return to their neutral on “buy the dip”.</p><p><br /></p><p>The crypto analytics platform further noted that there was a significant increase in the percentage of discussions related to Bitcoin, which rose to the highest level.</p><p><br /></p><p>While BTC's social dominance remained high, it quickly dropped back to relatively normal levels. This change occurs when traders show "greed" towards altcoins.</p><p><br /></p><p>Santiment notes that Bitcoin's social dominance should remain high, which tends to be related to a "growing and healthy" crypto market.</p><p><br /></p><p>Increased discussions related to primary assets are often associated with "fear," while conversations regarding more speculative assets are usually associated with higher "greed." It is good to note that market increases often occur during periods of fear, according to the findings of this platform.</p>