Bitcoin’s breakouts this week past $110,000 have driven bullish market sentiment up to a 7-month high. This was the last time it reached a similar level during US President Donald Trump’s victory in his presidential election.
Crypto analytics platform Santiment reports that as of June 11, 2016, there were 2.12 bitcoin comments positive for each negative comment posted on social media. said In a post on June 11, X.
The ratio is at its highest since the day following the election of Donald Trump, on Nov. 6th. Bitcoin then surpassed $70,00 for the very first time.
Retail interest Bitcoin prices have been falling this cycle. Bitcoin’s gains are attributed to institutions and nation-state adoption. Bitcoin may also benefit from an improvement in consumer sentiment.
The data from June 11, Santiment, showed that 504.54 Bitcoin comments expressed positive sentiment, and 237.71 negative comments. This ratio is 2.12. Santiment Tracks Bitcoin market sentiment Reddit, Telegram 4Chan Bitcoin Talk Farcaster and X.
Bitcoin reached $110,000 in recent weeks, and Santiment noted that “retail has gotten bullish.”
Bitcoin’s current price is $108,635, which is down by 3% from the all-time record of $112,000 that was set on TradingView, May 22. data shows.
Bitcoin Market Sentiment “greed” zone
Data from the Crypto Fear & Greed Index is also bullish, scoring the current market sentiment a 71 out of 100, in the “greed” zone.
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Bitcoin’s price soared from $67,700 per month to $92,250 by Nov. 22, when Trump was elected.
Google Trends Data paints a very different picture
Google Search Interest for “Bitcoin” Still shows that retail interest is not returning.
Bitcoin currently has a score out of 100, which is 32 points below its peak over the past year, during the week between Nov.10-16. Bitcoin then exploded by 18.6%, breaking the $90k barrier for first time.
This score also shows a 19-point difference from the highest point ever reached in late 2017, which was when Bitcoin searches peaked.
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Source: cointelegraph.com
