Bitcoin’s Recent Surge Sparks Bullish Sentiments Among Traders
Bitcoin’s recent surge has traders feeling bullish as sentiment hits a 16-month high
Bitcoin’s recent 20% surge over the past three weeks has reinvigorated bullish sentiments among traders, according to data from Santiment. This shift marks the most positive outlook on Bitcoin since March 2023, with social media discussions around the cryptocurrency turning more favorable than they have been in over a year.
Santiment’s weighted sentiment index, which measures the ratio of positive to negative comments on Bitcoin, has reached a 16-month high. The price rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% increase since July 25.
Bitcoin touched $69,404 on July 28, its highest level since June 12, before settling around $67,770. This surge follows cooler-than-expected inflation data, hinting at potential interest rate cuts by the U.S. Federal Reserve this year.
The cryptocurrency has climbed over 23% from its recent low of $53,550 on July 5, driven by strong buying from Bitcoin ETF investors. These products have seen significant inflows, with BlackRock’s Bitcoin ETF nearing $20 billion in assets under management.
In a further boost to the market sentiment, U.S. Senator Cynthia Lummis unveiled a plan for a national strategic Bitcoin reserve at the Bitcoin 2024 conference in Nashville. This announcement, coupled with President Donald Trump’s endorsement of the crypto industry, has added to the positive outlook for Bitcoin.
Additionally, reports have emerged that Vice President Kamala Harris’ campaign team has reached out to top U.S. crypto companies to “reset relations,” further fueling optimism in the market.
The combination of Bitcoin’s price rally, strategic legislative proposals, and high-profile endorsements suggests a bullish phase for the cryptocurrency market, paving the way for potential significant developments in the near future.