Bitcoin hits 16-month high ‘positive sentiment’ as price sits near $68K

Bitcoin’s current value rebound has shifted merchants’ sentiment to ranges not seen in 16 months, in response to knowledge monitoring optimistic and unfavourable social media feedback about Bitcoin.

“Bitcoin’s +20% 3-week value rally has left merchants feeling a complete lot extra bullish than they had been initially of the month,” Santiment wrote in a July 27 X post, as Bitcoin (BTC) at present trades at $67,708, up 6.22% since July 25, in response to CoinMarketCap data.

Santiment defined that its Weighted Sentiment Index — a metric that measures Bitcoin mentions on X and compares the ratio of optimistic to unfavourable feedback — is at a “16-month excessive optimistic sentiment.”

“The ratio of optimistic vs. unfavourable feedback towards BTC has launched to its highest stage since March 2023 as an all-time excessive is again on radars,” it added.

Sentiment spikes with anticipation constructing forward of Trump’s Bitcoin 2024 speech

The spike in optimistic sentiment comes as anticipation has been constructing over the previous few weeks for former US President Donald Trump’s speech on the Bitcoin 2024 Convention in Nashville on July 27, the place he declared his purpose to make the US the “Crypto capital of the world.”

He predicted that “sooner or later” Bitcoin would overtake gold, gushing that “Bitcoin isn’t just a marvel of expertise, as you realize it is a miracle of cooperation and human achievement.”

Associated: Bitcoin ‘real bull run’ out of reach as retail demand metric hits 3-year low

Instantly following his speech, pro-crypto Senator Cynthia Lummis launched a invoice for a “strategic Bitcoin reserve,” proposing that the US government purchase 5% of the world’s Bitcoin provide and maintain it for a minimum of 20 years.

The Crypto Concern & Greed Index confirmed a “Greed” rating of 71, up 24 factors since June 28.

Index shortly rebounds from flashing pink

In the meantime, it was solely a month in the past that the Weighted Sentiment Index was exhibiting a surge in unfavourable feedback about Bitcoin while its price was 4% lower, trading around $65,000 on June 21.

“This prolonged stage of FUD is uncommon, as merchants proceed to capitulate,” Santiment wrote in a June 20 X publish.

“The gang is especially fearful or disinterested towards Bitcoin as costs vary between $65K to $66K,” it added.

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