Bitcoin’s current 20% surge over the previous three weeks has reinvigorated bullish sentiments amongst merchants, in line with knowledge from Santiment. 

This sentiment shift marks probably the most constructive outlook on Bitcoin (BTC) since March 2023, with the time period “Bitcoin” being mentioned extra favorably on social media than at any level within the final 16 months.

Santiment’s weighted sentiment index, which gauges the ratio of constructive to damaging feedback on X, has soared to a 16-month excessive. The price rally has seen Bitcoin surpass the $67,000 mark, reflecting a 6.22% enhance since July 25, per knowledge from crypto.information.

Bitcoin’s price touched $69,404 on July 28, its highest since June 12, though it’s at present buying and selling round $67,770.

This bullish flip follows cooler-than-expected inflation knowledge, suggesting potential a number of rate of interest cuts by the U.S. Federal Reserve this 12 months. 

The main cryptocurrency has climbed over 23% from its native backside of $53,550 on July 5, spurred by sturdy dip-buying from Bitcoin ETF buyers. 

These merchandise have continued their spectacular streak, with recent inflows of $534 million within the final week. Notably, BlackRock’s Bitcoin ETF has nearly crossed the $20 billion mark in belongings below administration.

Including to the constructive sentiment, U.S. Senator Cynthia Lummis has launched an in depth plan for a nationwide strategic Bitcoin reserve. 

The announcement, made on July 27 throughout the Bitcoin 2024 convention in Nashville, got here amid rising pro-crypto sentiment. Lummis introduced the Bitcoin reserve laws immediately after President Donald Trump delivered a keynote on the occasion. Trump expressed sturdy assist for the crypto trade throughout his speech, saying the Bitcoin reserve towards the tip. Trump’s general endorsement and Lummis’ coverage proposal have additional buoyed the market’s optimistic outlook.

In additional doubtlessly bullish information from Washington, yesterday, reviews surfaced that Vice President Kamala Harris’ marketing campaign group had reached out to prime U.S. crypto corporations in an effort to “reset relations.”

The confluence of Bitcoin’s price rally, strategic legislative proposals, and high-profile endorsements spotlight a burgeoning bullish section for the cryptocurrency market, setting the stage for potential important developments within the close to future.