Bitcoinโs recent 20% surge over the past three weeks has reinvigorated bullish sentiments among traders, according to data from Santiment.ย
This sentiment shift marks the most positive outlook on Bitcoin (BTC) since March 2023, with the term โBitcoinโ being discussed more favorably on social media than at any point in the last 16 months.
Santimentโs weighted sentiment index, which gauges the ratio of positive to negative comments on X, has soared to a 16-month high. The price rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% increase since July 25, per data from crypto.news.
Bitcoinโs price touched $69,404 on July 28, its highest since June 12, although itโs currently trading around $67,770.
This bullish turn follows cooler-than-expected inflation data, suggesting potential multiple interest rate cuts by the U.S. Federal Reserve this year.ย
The leading cryptocurrency has climbed over 23% from its local bottom of $53,550 on July 5, spurred by strong dip-buying from Bitcoin ETF investors.ย
These products have continued their impressive streak, with fresh inflows of $534 million in the last week. Notably, BlackRockโs Bitcoin ETF has almost crossed the $20 billion mark in assets under management.
Adding to the positive sentiment, U.S. Senator Cynthia Lummis has introduced a detailed plan for a national strategic Bitcoin reserve.ย
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 directly after President Donald Trump delivered a keynote at the event. Trump expressed robust support for the crypto industry during his speech, announcing the Bitcoin reserve toward the end. Trumpโs overall endorsement and Lummisโ policy proposal have further buoyed the marketโs optimistic outlook.
In more potentially bullish news from Washington, yesterday, reports surfaced that Vice President Kamala Harrisโ campaign team had reached out to top U.S. crypto companies in an effort to โreset relations.โ
The confluence of Bitcoinโs price rally, strategic legislative proposals, and high-profile endorsements highlight a burgeoning bullish phase for the cryptocurrency market, setting the stage for potential significant developments in the near future.
