The Bitcoin sentiment is something that in most of the cases dictates the upcoming price of the largest cryptocurrency by market cap. In today’s crypto news, we are listing the top three tools that help you check the Bitcoin BTC sentiment and whether it is bullish or bearish at the given moment.
So, some are claiming that the market is now hovering between bear and bull status. There is no better time than right now to look at three popular Bitcoin sentiment analysis tools.
First of all is this interesting index which according to many is the most popular sentiment indicator that is currently being used in the BTC marketplace. It was created by Alternative.me, a firm that created a solution which measures the crypto investor sentiment. It actually shows whether investors are feeling bold or scared using a needle which moves from left to right, with measurements moving from 0 to 100.
Bitcoin Fear and Greed Index is 43 – Fear pic.twitter.com/Sa2i8MM0dH
— Bitcoin Fear and Greed Index (@BitcoinFear) June 28, 2020
Easy to use and simple, the index is a good indicator and one of the top three tools to check the BTC sentiment.
Second in the top three tools for checking the Bitcoin sentiment is the Bulls & Bears Index created by Augmento. This social media sentiment indicator shows how bullish or bearish conversations about Bitcoin are becoming on platforms such as Twitter, Reddit and BitcoinTalk.
— AUGMENTO (@augmento_ai) May 18, 2020
You can use it to see the investor mood by analyzing social media mentions. A low score here suggests that BTC investors are bearish, while a high reading close to 1 suggests that they are bullish on social media.
Developed by Bitts Analytics, the Bitcoin Sentiment Index is another social media sentiment indicator which aims to provide insight into the way cryptocurrency investors feel at any time. The value of this indicator is computed using machine learning algorithms which scan the social media posts and the Bitcoin news from all platforms.
$strat social posts volume and sentiment in last period. sentiment determined with machine learning from texts of social posts about #stratis. data from https://t.co/h0KFrNIX0M pic.twitter.com/lcNqDdli6F
— Bittsanalytics (@bittsanalytics) April 2, 2020
Even though it is a little more complex than the two previous ones, this indicator is not difficult to read. When the line drops, the market sentiment is turning bearish – and when it climbs, investors start to express more bullish sentiments on social media.
Now, you can use all of these indicators to check the Bitcoin BTC price today!
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