After Bitcoin Fell Below $104,000, Retail Investors' Sentiment Returns to "Liberation Day" Level

On June 21st, against the backdrop of ongoing macroeconomic pressures and a notable decline in retail investor sentiment, Bitcoin is still seeking direction. CoinDesk Research's technical analysis model indicates that in the past 24 hours, the price of Bitcoin has witnessed intense volatility. It dropped below $103,400 at one point and then slightly recovered. This trend reflects an uneasy market environment influenced by geopolitical tensions and uncertain monetary policies. On Thursday, cryptocurrency analysis firm Santiment released a message via the X platform, indicating a sharp change in retail investor sentiment towards negativity. The company noted 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 the so-called "Liberation Day Tariffs" measure, triggering extreme market panic. Santiment emphasized that the current wave of retail pessimism is unusually strong. Based on past patterns, this situation may signal an upcoming price rebound. They specifically pointed out that a similar panic sentiment occurred in April, followed by a rapid Bitcoin rebound, indicating that institutional investors often take advantage of retail "surrender" to accumulate at low prices. Furthermore, the recent decision by the Federal Reserve to keep interest rates unchanged has exacerbated Bitcoin's consolidation trend. It has been fluctuating within a narrow range of $100,000 to $110,000 over the past month. On-chain data shows a decrease in open interest for futures contracts on the Binance platform, reflecting a continuous deleveraging among derivative traders. Meanwhile, whale wallets have been steadily increasing their holdings since 2023, demonstrating that large investors are continuously accumulating positions amid short-term uncertainty.