Positive Sentiment Among Bitcoin Traders Reaches 16-Month High

Positive sentiment among Bitcoin traders has reached its highest level in 16 months. According to Sentiment data, the recent increase in Bitcoin’s price has led to a significant shift in traders’ sentiments, marking an unprecedented change since March 2023. The 20% price surge over the past three weeks has reignited optimism in the market. The Sentiment Weighted Index, which tracks positive and negative opinions on social media, has hit its highest positive level since March 2023. This shift in sentiment coincides with Donald Trump’s speech at the Bitcoin 2024 conference, where he announced his goal to make the U.S. the “global capital of cryptocurrencies.” Additionally, the Fear and Greed Index, reaching 71 points, shows a 24-point increase compared to the previous month. This significant change contrasts with last month’s trend, where the Sentiment Weighted Index had recorded an increase in negative opinions, highlighting a notable improvement.