On June 21, Bitcoin continued to seek direction amid rising macroeconomic pressures and significantly deteriorating retail investor sentiment. CoinDesk Research's technical analysis model showed that Bitcoin's price experienced violent fluctuations within the past 24 hours, briefly falling below $103,400 before slightly recovering. This trend reflects an uneasy market environment, jointly influenced by geopolitical tensions and uncertain monetary policies.
A message from crypto analysis firm Santiment posted on X platform on Thursday indicated that retail investor sentiment has sharply turned negative. The company noted that the ratio of bullish to bearish comments has dropped to 1.03:1, the lowest level since early April, when President Trump announced the so-called "Liberation Day Tariffs", triggering extreme market panic.
Santiment emphasized that the current wave of retail pessimism is unusually strong, and based on historical patterns, this could be a contrarian signal of an imminent price rebound. They specifically pointed out that a similar panic sentiment occurred in April, after which Bitcoin quickly rebounded, demonstrating that large investors often take advantage of buying at low prices when retailers "surrender".
Additionally, the Federal Reserve's recent decision to maintain interest rates has further intensified Bitcoin's consolidation trend, keeping it fluctuating within a narrow range of $100,000 to $110,000 over the past month. On-chain data shows that the number of open contracts on Binance is decreasing, reflecting ongoing deleveraging among derivatives traders. Meanwhile, whale wallets have been steadily increasing their positions since 2023, indicating that large investors are still building positions amid short-term uncertainty.
