Bitcoin Bulls Hit Seven-Month High as BTC Flirts with Record Price

Bitcoin’s price broke through the $110,000 mark multiple times, leading to a seven-month high in market sentiment according to Santiment, which highlighted a 2.12 positive-to-negative comment ratio on social media. While retail involvement remains low, institutional investment is driving current price increases. The Crypto Fear & Greed Index reflects a score of 71, indicating greed in the market, yet Google search interest shows a decline in retail enthusiasm compared to previous peaks.

Bitcoin has made waves this week, breaking past the $110,000 mark several times, which has rallied bullish sentiment to its highest level in seven months. This surge in enthusiasm is reminiscent of the excitement seen back in November 2016, right after Donald Trump’s election win when Bitcoin reached $70,000 for the first time. As of June 11, the positive-to-negative comment ratio regarding Bitcoin on social media stands at an impressive 2.12 to 1, according to crypto analytics firm Santiment.

Retail participation in the Bitcoin market has notably lagged during this cycle. Most of the recent price increases can be attributed to institutional investments and nation-state acceptance rather than retail trading. Still, there’s hope that any shift in retail sentiment could offer Bitcoin a significant boost. Santiment reported on June 11 that there were 504.54 positive Bitcoin comments against just 237.71 negative ones across various platforms, further affirming the growing bullish outlook.

As it stands, Bitcoin is trading at around $108,635, which is a 3% dip from its recent all-time high of $112,000, reached just on May 22, per data from TradingView. Notably, the retail sector appears to be waking up with Santiment observing a notable uptick in bullish behaviour.

Adding to this positive picture, the Crypto Fear & Greed Index has been scoring a solid 71 out of 100, categorising current market sentiment squarely in the “greed” zone. However, this score is considerably lower than the 94 out of 100 mark achieved on November 22, which was a four-year peak fuelled by Trump’s election and an incredible Bitcoin price leap from a monthly low of $67,700.

Despite the apparent optimism among market participants, Google Trends tells a different story. Search interest for “Bitcoin” remains relatively low at a score of 32 out of 100, reflective of its peak interest during the past year. The last time Bitcoin saw such explosive growth was in mid-November, when it surged by 18.6% to surpass the $90,000 threshold for the first time.

Even more striking is the comparison to late 2017, when search interest for Bitcoin peaked historically at a score of 19 out of 100. It seems there’s a noticeable gap between market sentiment and retail enthusiasm, indicating a fragmented recovery. Older investors in the space are beginning to take substantial risks for a potentially crypto-funded retirement, amidst this volatile market landscape.