Bitcoin (BTC), the world’s leading cryptocurrency, experienced a significant decline in the past 24 hours, dropping 4.09% to $56,586 from a recent high of $61,000. This sharp downturn has reignited concerns of a potential bear market among investors.

As pointed out in a Santiment feed, the crash sparked a surge in the talks of “bear market” on social media platforms with this being the highest spike in crowd bear market discussions since the crashes on August 4th and August 5th when BTC dropped to lower $50K price levels. However, there has also been a slight uptick in positive sentiment, with terms like “bull market” appearing more frequently.

Notably, the current market crash failed to bring out the “buying the dip” sentiment in investors and “the crowd’s voices are mostly muffled this time around,” said “brianq” on Santiment’s feed. He observes that the usual signs of fear (around $40K-$45K) and greed (around $70K-$75K) are absent, suggesting traders might not become truly fearful until BTC approaches the $50,000 level it reached a month ago, adding:

“It’s almost like it’s a ghost town at the moment, and traders may be showing hints that their fear won’t truly creep in until BTC potentially approaches the $50K level it dipped to a month ago.”

There has been a “very mild rise” in interest toward highly volatile meme coins, which, while still low, could potentially lead to a more significant surge in investor interest. The analyst concludes that the crypto market is currently closer to a bottom than a top, and the cycle has yet to see tokens with explosive growth.

As per the chart provided by TradingView below, Bitcoin is currently experiencing a massive surge in selling pressure with the leading digital asset having crashed 5.94% in the past 30 days as well.

The Relative Strength Index (RSI) reads a value of 40.59 which means that the bears are in control of the Bitcoin price action and the gradient of the line suggests that lower prices are possible in the near future.