Traders Are Starting to Like Bitcoin Again


What's the big story in today's sentiment report?

The Bitcoin bulls are returning. 

So let's get to it.

SPX Mood Is Semi-Sour

SPX sentiment is off the lows, but in semi-sour territory at 58%.

This is slightly below the long-term average of 63%, and basically flat from last week. 

Bitcoin Sentiment Rising

Bitcoin sentiment is up for a second week in a row, which is no surprise given Bitcoin's big pop over the weekend. 

Apple Mood Unchanged

Apple (AAPL) delivered a monster earnings report after the close two weeks ago, which improved the mood in short order.

But the mood is basically flat from last week:

Tesla Looks Like Apple

Tesla (TSLA) is not much different from Apple - up from the lows but largely unchanged.

Gold Still All Over the Place

Gold sentiment has been largely all over the place from week-to-week, which is no surprise given that it's so hard to get a read on the metal itself. 

Traders Still Love Oil

Sentiment on oil has been bizarrely stable for the past 5 weeks in the 70% range. And that's no surprise given how strong oil and related stocks have been in 2022.

What Happens Now?

Traders have gone from very bearish 3 weeks ago to relative neutral now.

We would likely need more upside to get traders outright positive on the action.

So this feels like a bit of a no man's land.

What are your thoughts? Let us know in the comments below!

Leave a Comment: