According to BlockBeats news, on June 21, Bitcoin is still searching for direction amidst rising macroeconomic pressures and a clear deterioration in retail investor sentiment. CoinDesk Research's technical analysis model shows that Bitcoin's price has been highly volatile in the past 24 hours, briefly falling below $103,400 before slightly recovering. This trend reflects an uneasy market environment influenced by geopolitical tensions and uncertain monetary policies.
Crypto analytics firm Santiment reported on Thursday on the X platform that retail investor sentiment has sharply turned negative. The firm pointed out that the ratio of bullish to bearish comments has dropped to 1.03:1, the lowest level since early April. At that time, President Trump announced measures known as the 'Liberation Day Tariffs', triggering extreme panic in the market.
Santiment emphasizes that the current wave of retail pessimism is exceptionally strong, and based on past patterns, this situation could be a contrarian signal indicating that prices are about to rebound. They specifically pointed out that a similar panic sentiment occurred in April, after which Bitcoin quickly rebounded, indicating that large investors often take the opportunity to accumulate when retail investors 'give up'.
Additionally, the Federal Reserve's recent decision to keep interest rates unchanged has 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 the Binance platform is decreasing, reflecting the ongoing deleveraging by derivative traders. Meanwhile, whale wallets have been steadily increasing their holdings since 2023, indicating that large investors are still building positions amid short-term uncertainties.
