Bitcoin Returns Under $117,000: Is Social Media FOMO To Blame?

Data shows Bitcoin’s retrace below the $117,000 level came right after a major spike in social media chatter, often a contrarian signal. Bitcoin Social Dominance Saw A Huge Spike As BTC Crossed $123,000 In a new post on X, the analytics firm Santiment has shared how social media users reacted to the latest Bitcoin price breakout. The indicator of interest here is the “Social Dominance,” which tells us about the share of social media discussions related to the top 100 cryptocurrencies that any given coin occupies. Related Reading: Strategy Grabs Another $472M In Bitcoin—Even With Price At ATH The metric is based on another indicator known as Social Volume, which gauges the unique number of posts/threads/messages on major social media platforms that mention an asset source: https://www.newsbtc.com/bitcoin-news/bitcoin-returns-117000-social-media-fomo-blame/