In mid-March, Bitcoin reached a new all-time high of $73,737 before undergoing a price correction. This correction occurred despite the anticipated price surge after the April halving. However, recent movements in the market have shown a resurgence, with Bitcoin’s price crossing the $67,000 mark for the first time in nearly a month.
Will BTC Price Continue to Rise?
According to a recent analysis by Santiment, a well-known on-chain analytics firm, interest in Bitcoin has increased since the price surpassed $67,000. This shift in interest is evaluated using the Weighted Sentiment metric, which gauges whether sentiments towards Bitcoin are generally positive or negative.
The Weighted Sentiment metric combines two sub-metrics: sentiment value and social volume. Sentiment value assesses the community’s positive or negative opinions, while social volume measures the asset’s total mentions on social media platforms. When social volume is high and average sentiment is notable, significant shifts in the metric are observed.
What Are the Sentiment Metrics Indicating?
Santiment’s analysis reveals that Bitcoin’s weighted sentiment has reached its highest level since January, following the recent price increase. This elevated sentiment was last observed when the U.S. Securities and Exchange Commission approved Bitcoin spot ETFs. Interestingly, Bitcoin is not the only cryptocurrency experiencing positive sentiment; Chainlink (LINK) has also shown a substantial upward trend, appreciating by 20% over the past week.
Key Insights for Investors
– Bitcoin’s price currently stands at $67,000, reflecting a 0.10% daily increase and a 10% rise over the past week.
– Bitcoin’s market capitalization remains above $1.3 billion, with a 24-hour trading volume of $17 billion despite a 40% drop.
– Chainlink (LINK) is trading at $16.29, with its market cap surpassing $9 billion, but experiencing a 62% decrease in 24-hour trading volume, indicating waning investor interest.
As of this writing, Bitcoin continues to show strength at the $67,000 level. This price point emerged after a slight 0.10% increase, reflecting a significant 10% rise over the past week. Bitcoin’s market cap remains robust above $1.3 billion, despite a notable 40% drop in its 24-hour trading volume to $17 billion.
Meanwhile, Chainlink (LINK), which has shown a parallel positive sentiment, is currently trading at $16.29 after a 0.72% increase. Chainlink’s market cap has risen above $9 billion. However, its 24-hour trading volume has decreased by 62% to $461 million, suggesting a decline in investor activity.