The price of Bitcoin is I've been having a hard time stabilizing the past few days.and changes in sentiment surrounding an asset have become as important as the price movement itself. The cryptocurrency has slipped further into the mid-$80,000 region this week amidst a downtrend. It continues to keep buyers on the defensive.
New data from on-chain analytics platform Santiment reveals a collapse in crowd sentiment. This chart shows a sharp drop in comments from bullish to bearish, consistent with Bitcoin's downward trajectory and retail market price. Traders react emotionally to a sustained decline.
Bitcoin sentiment falls to lowest level since 2023
Santiment data shows that Bitcoin sentiment across major social platforms has fallen to its lowest point since December 11, 2023. The ratio of bullish to bearish comments on X, Reddit, Telegram, and other hubs is rapidly deteriorating, forming a sharp decline on the sentiment chart that coincides with Bitcoin's recent price decline.
The Bitcoin environment is dominated by fear and pessimism, with retail participants capitulating at a rate not seen in the past two years, according to the on-chain analytics platform. The chart image captures a notable downward swing in the sentiment line, showing that positive comments are being overwhelmed by bearish voices as the Bitcoin price correction deepens.
BTCUSD trading at $86,201 on the 24-hour chart: TradingView
Speaking of Bitcoin’s price correction, market conditions during November led to repeated sell-offs as traders reacted to each failed recovery attempt. The candlestick pattern on the chart shows continued falling highs and falling lows, and this structure is increasing the retail panic.
📊 Bitcoin sentiment across social media has officially fallen to its lowest point since December 11, 2023. According to bull vs bear comments on X, Reddit, Telegram and elsewhere, the retail industry is capitulating, with panic selling occurring at significant levels not seen in the past two years. pic.twitter.com/4Hi0iTgsHO
— Santiment (@santimentfeed) November 21, 2025
Panic selling is seen in sharp declines in both price charts and sentiment indicators. The capitulation is currently unfolding across multiple crypto exchanges, with many traders abandoning their bullish positions after seeing Bitcoin lose a key psychological level around $90,000.
According to Santiment Data cited by Cryptocurrency analyst Ali Martinez said 20,000 Bitcoin BTC, worth about $2 billion, has been transferred to exchanges in the past week.
20,000 Bitcoin $BTCapproximately $2 billion has been transferred to exchanges in the past week. pic.twitter.com/V6CCRIXUTg
— Ali (@ali_charts) November 22, 2025
Is there a possibility of further losses?
The question of where Bitcoin is headed has divided market participants into two different camps. Many analysts are paying attention to Possibility of further decline Because it is currently in progress Outflows from Spot Bitcoin ETF and low whale activity in the Bitcoin futures market. the scenery supported by data from CryptoQuant describes the current situation as a “market without whales”, explaining how retail investors are currently doing much of the heavy lifting and how fatigue is manifesting itself.
However, as an example of a bullish outlook, Crashes are actually a good thing, but That means Bitcoin's four-year cycle is over and a new one is about to begin.
At the time of writing, Bitcoin is trading at $85,502, up 1.3% in the past 24 hours.
Featured image provided by Financial Services Commission, chart provided by TradingView
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