Bitcoin price has been struggling to break above the key $71K resistance level and has now slipped to $67,012. Market intelligence platform Santiment reports that social sentiment around Bitcoin remains heavily bearish, with negative posts still far outweighing positive ones.
A major spike in searches appeared on February 6, when interest reached 100. This happened because Bitcoin quickly recovered toward $70K, after crashing hard below $60K.
Falling search interest generally suggests the market is entering a calm or consolidation phase rather than a strong bullish trend.
Why Bearish Crowd Mood Can Be Bullish for Bitcoin
Even though market sentiment is currently negative, history shows that strong pessimism often creates good opportunities for price rebounds. When most traders are fearful, they hesitate to buy, allowing large investors and key market players to accumulate Bitcoin with little competition.
Santiment data confirms that in the past, periods of extreme fear have frequently been followed by strong price recoveries.
As of now, Bitcoin is trading at $66,911, down 3.6% for the day. Experts predict that if BTC fails to recover and hold above the $66K level, it could drop again to test the $62,455 support zone.
On the flip side, if Bitcoin sees a strong recovery above $71K, it could open the door for an upside rally toward $78,792.
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