Bitcoin Sentiment Soars as Traders Hope for a Return to $110K

Crypto traders are optimistic about Bitcoin hitting $110,000, but Santiment warns that excessive positivity can lead to price drops. Bullish comments on Bitcoin peak to a three-week high, with a sentiment ratio of 1.51. However, spikes in trader optimism were followed by price declines on June 11 and July 7.

Despite the rising sentiment, Santiment cautions that previous spikes in trader optimism were followed by Bitcoin price drops. An uptick in optimistic comments coincided with Bitcoin hitting a local top of $109,595 before dropping to $107,681. Analysts predict a “mild pullback” before Bitcoin reaches a new all-time high.

Bitcoin whale wallets have shown minimal activity, hinting at caution in the market. Whales have sold off 14,140 BTC in the past week, suggesting a potential decline in crypto market values. While the long-term trend remains bullish, upcoming macroeconomic events could test the overall crypto market’s resilience.

XBTO’s chief commercial officer warns of macroeconomic factors that could influence Bitcoin’s price trajectory. Despite the delay in the US tariff deadline, other events like the Federal Reserve’s rate-setting committee minutes may impact the crypto market and create challenges for risk assets. Investors should conduct their own research before making decisions.

Read more at Cointelegraph: Bitcoin Sentiment Turns Bullish In Hopes of Return To $110K