Bitcoin bulls hit 7-month high as BTC flirts with record price

Bitcoin’s several breakouts past $110,000 this week have pushed bullish market sentiment to a seven-month high, which was last seen during US President Donald Trump’s election win.

As of June 11, there are 2.12 positive Bitcoin comments for every negative comment on social media, crypto analytics platform Santiment said in a June 11 X post. 

This is the highest ratio since Nov. 6, the day after Trump won the presidential election, when Bitcoin surpassed $70,000 for the first time.

Retail interest in Bitcoin has been lagging this cycle, with Bitcoin’s price gains attributed to institutional and nation-state adoption. A positive shift in retail sentiment could be an additional boon for Bitcoin. 

Santiment data for June 11 tallied 504.54 positive sentiment Bitcoin comments, while 237.71 comments were negative, amounting to a ratio of 2.12. Santiment tracks Bitcoin market sentiment on X, Reddit, Telegram, 4Chan, Bitcoin Talk and Farcaster.

Source: Santiment

The rise comes as Bitcoin has clipped $110,000 several times over the last week, with Santiment noting that “retail has gotten bullish.” 

Bitcoin is currently at $108,635, down 3% from its all-time high of $112,000 set on May 22, TradingView data shows.

Bitcoin market sentiment in “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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However, the current score is far off the 94 out of 100 reached on Nov. 22, a four-year high that came on the back of Trump’s election win and Bitcoin skyrocketing from a monthly low of $67,700 to $99,250 (by Nov. 22).

Crypto Fear & Greed Index score. Source: Alternative.me

Google Trends data paints a different picture

However, Google search interest for “Bitcoin” still shows retail interest hasn’t come back. 

It currently displays a score of 32 out of 100 relative to its highest point over the last 12 months, the week of Nov. 10-16, when Bitcoin exploded 18.6% to breach the $90,000 barrier for the first time.

It also displays a score of 19 out of 100 when compared to late 2017, when Bitcoin search interest hit its highest ever point.

Google search interest for “Bitcoin” over the last 12 months. Source: Google Trends

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