Bitcoin Sentiment Surge
Recent data from Santiment shows that Bitcoin has seen a 20% surge in the past three weeks, sparking renewed bullish sentiments among traders. This positive shift in sentiment marks the most optimistic outlook on Bitcoin since March 2023, with discussions about Bitcoin on social media reflecting a more positive tone than in the previous 16 months.
Santiment’s Weighted Sentiment Index
Santiment’s weighted sentiment index, which measures the ratio of positive to negative comments on Bitcoin, has reached a 16-month high. This surge in sentiment has coincided with Bitcoin surpassing the $67,000 mark, indicating a 6.22% increase since July 25, as reported by crypto.news.
Bitcoin Price Rally and Market Developments
Bitcoin’s price has reached $69,404, its highest point since June 12, following a bullish turn driven by cooler-than-expected inflation data. Additionally, strong dip-buying from Bitcoin ETF investors has contributed to the cryptocurrency’s 23% climb from its local bottom of $53,550 on July 5.
