The mainstream media is having a field day laughing at the price drop of bitcoin and other cryptocurrency assets -- including STEEM, by the by. However, here's something you won't hear from the business media conglomerates -- bitcoin sentiment among crypto traders is actually quite bullish! 

I say this because the gap between the average highs of the session and the "closing" price of bitcoin is slight relative to market volatility. In the most bullish circumstance, the variance between the high and close is 0%, or no variance at all. The more variance, however, the more bearish trading sentiment is. 

![bitcoin-sentiment.jpg](https://steemitimages.com/DQmeZo6F1RujtuLfR7vv9tq4Ay3k7aF7kV1eEFCbzsXUHsH/bitcoin-sentiment.jpg)

The present rally and subsequent correction in bitcoin featured pronounced variance, but far less so than the variance witnessed in the 2013 run-up. This tells me that traders are less emotional about their crypto portfolio, and we have *yet* to reach the manic phase of cryptocurrencies, when **EVERYONE** buys at any price. 

So yes, we are in a steep correction with the cryptocurrency assets, but we are far from a bubble!