Bitcoin price analysis: BTC/USD hovering around $9,000; Thomson Reuters introduces bitcoin sentiment index

Thomson Reuters created bitcoin sentiment gauge based on tracking and analyzing chatter about the digital coin on over 400 social media outlets, forums, and news sites. The company aims to help crypto traders to navigate the rough sea of virtual money, according to the official statement published on Monday.

“News and social media are driving the investment and risk management process more than ever with the continuing rise of passive and quant-driven trading,” said Austin Burkett, Global Head of Quant and Feeds, Thomson Reuters.

Earlier this month Fundstrat's Tom Lee introduced a "Bitcoin Misery Index" (BMI) based on volatility and a number of profitable trades on the market. The lower BMI, the better time to buy bitcoin.

Bitcoin technical picture

Bitcoin price is back at $9,000 level after Monday's recovery attempt towards $9,890. The price failed to move past 50-DMA as fresh selling interest and profit-taking on speculative longs pushed it back below the longer-term downside trendline, now registered at $9,300. On the downside, the nearest support is seen on Monday's low $8,766, which is followed by $8,500.

BTC/USD, the daily chart