The anticipated approval of the United States’ first spot Bitcoin ETF has been delayed, with expectations now set for the second quarter, according to a speculative report by Matrixport. This news triggered a sharp pullback in Bitcoin (BTC) and altcoin prices. However, market sentiment remains unchanged, with participants continuing to show bullish tendencies.
Following a market downturn, social media calls to “Buy The Dip” surged, reaching the highest level since March 25, 2022, as tracked by blockchain analytics platform Santiment. This increase in calls came after Bitcoin’s price plummeted to $41,000 within hours, liquidating over-leveraged traders.
The “Buy The Dip” strategy is a well-known narrative in the crypto world, suggesting that purchasing assets during price drops can be highly profitable. Santiment’s “Social Trends” indicator monitors such key terms and topics on leading social platforms and networks to gauge interest.
While increased “Buy The Dip” calls may signal an uptrend, they have occasionally led to deeper pullbacks. During the 2021 bull market, these calls often preceded further declines. Market sentiment eventually shifted from bullish to bearish, halting the pullbacks and leading to an uptrend.
Bitcoin recovered above $43,000 after a dip to $41,000 following the Matrixport report, with a 1.63% increase to $43,324 in the last 24 hours. Ethereum (ETH) also saw a slight rise of 0.30% to $2,237. Beam (BEAM) leads the day’s highest-gaining altcoins with a 38.55% surge, while Sats (1000SATS) tops the losing list with a 5.69% decline.