Bitcoin’s recent 20% surge over the past three weeks has revitalized bullish sentiment among traders, according to data from Santiment.
This shift in sentiment represents the most positive outlook for Bitcoin (BTC) since March 2023, with the term “Bitcoin” being discussed more positively on social media than at any time in the past 16 months.
Santiment’s Likely Feelings indexThe X-index, which measures the ratio of positive to negative comments on X, has risen to a 16-month high. The price rally has seen Bitcoin surpass $67,000, reflecting a 6.22% gain since July 25, according to data from crypto.news.
Bitcoin hit $69,404 on July 28, its highest level since June 12, though it is currently trading at around $67,770.
The upward shift comes after inflation data came in cooler than expected, suggesting the US Federal Reserve could cut interest rates several times this year.
The leading cryptocurrency has surged more than 23% from its low of $53,550 on July 5, driven by strong buying from Bitcoin ETF investors.
These products have continued to achieve impressive success, with fresh products. Inflows BlackRock’s Bitcoin ETF had $534 million in assets under management last week, bringing the fund’s assets under management to nearly $20 billion.
In addition to the positive sentiment, US Senator Cynthia Lummis has presented a detailed plan to create a national strategic reserve of Bitcoin.
The announcement, made on July 27 during the Bitcoin 2024 conference in Nashville, came amid growing pro-crypto sentiment. Lummis announced the Bitcoin Reserve legislation right after President Donald Trump delivered a keynote speech at the event. Trump expressed strong support for the crypto industry during his speech, and announced the Bitcoin Reserve at the end. Trump’s broad endorsement and Lummis’ policy proposal have bolstered the market’s bullish outlook.
In more positive news from Washington, reports emerged yesterday that Vice President Kamala Harris’s campaign team has reached out to major US crypto companies in an attempt to “reset relations.”
The confluence of Bitcoin’s rising price, strategic legislative proposals, and high-profile endorsements highlights a thriving bullish phase for the cryptocurrency market, paving the way for potentially major developments in the near future.