Bitcoin has been grappling with an "extended level of FUD" on the social media platform X, as reported by cryptocurrency intelligence platform Santiment. This unusual level of fear, uncertainty, and doubt (FUD) comes at a time when Bitcoin's price is hovering around the $65,000 mark, experiencing a prolonged period of sideways trading.

On June 20, Santiment highlighted this sentiment in a post, noting that the persistent FUD among traders is rare. The post stated, "This extended level of FUD is rare, as traders continue to capitulate," underscoring the prevailing negative sentiment. Santiment's analysis revealed that the crowd is mainly fearful or disinterested in Bitcoin, as its prices range between $65K to $66K.

According to CoinMarketCap data, Bitcoin's price has fluctuated between highs near $67,294 and lows around $64,180 over the last week. Despite these fluctuations, the overall sentiment on X remains predominantly negative, as evidenced by Santiment's Weighted Sentiment Index. This metric, which measures Bitcoin mentions on X and compares the ratio of positive to negative comments, has remained negative since May 23. As of the latest data, the index stands at -0.738, indicating a strong prevalence of negative comments about Bitcoin.

This negative sentiment is noteworthy, especially in light of positive developments in the Bitcoin ecosystem. For instance, the approval of 11 spot Bitcoin exchange-traded funds on January 10 and the Bitcoin halving event on April 20 had previously triggered spikes in positive sentiment, with the index reaching levels of 4.49 and 2.35, respectively. These events typically buoy market optimism, but the current sentiment indicates a deeper underlying skepticism.

The pervasive negative sentiment has been echoed by various voices within the crypto community, including influential traders and analysts. James Check, the lead analyst at Glassnode, remarked in a June 19 post, "Bitcoin is around 60 days into a ~150-day long sideways slog since the halving." This prolonged period of minimal price movement has led to what many describe as the most tedious phase of the bull market. Pseudonymous crypto traders like Jelle and Trader Cobb have also expressed similar views, with Jelle calling it "months of sideways price action -- the most boring phase of the bull market," and Trader Cobb simply stating, "Bitcoin is pretty boring right now."

Despite the prevailing sentiment, some analysts believe that this lengthy consolidation could be a precursor to a significant price surge. On June 13, Cointelegraph reported that Bitcoin was experiencing its longest period of consolidation, then at 92 days. Analysts suggest that such extended steadiness might set the stage for a "massive upside rally." Pseudonymous crypto trader Daan Crypto Trades noted, "Generally, the longer a consolidation, the larger the expansion afterward," indicating a potential bullish breakout.

Another sentiment gauge, the Fear and Greed Index, which considers a broader range of factors including volatility, market momentum, volume, market dominance, and current trends, currently shows a Greed reading of 63. This is a decrease of 11 points over the past seven days, reflecting a shift towards a more cautious outlook among investors.

In summary, while Bitcoin faces a rare and extended period of negative sentiment on X, historical patterns and current market dynamics suggest that this phase of consolidation might eventually give way to significant price movements. As the crypto community navigates this period of uncertainty, the interplay between sentiment, market behavior, and broader economic factors will continue to shape Bitcoin's trajectory.