Crypto traders are increasingly optimistic about Bitcoin approaching the $110,000 mark, with social media comments tilting significantly toward bullish sentiment. According to analytics firm Santiment, the ratio of bullish to bearish comments has reached a three-week high, with 1.51 bullish comments for each bearish one. However, this surge in positivity has historically preceded price drops, as noted by Santiment analyst Brian Quinlivan. After previous spikes in optimistic commentary, Bitcoin's price declined. Currently trading at about $108,791, Bitcoin saw a modest pullback after hitting a local top of $109,595. Despite some caution from larger 'whale' wallets that have seen limited activity and have recently sold off significant amounts of Bitcoin, a long-term bullish trend is maintained due to the continuous accumulation by these wallets over the past six months. However, macroeconomic factors, such as the upcoming Federal Reserve meeting, may pose challenges to the crypto market's resilience in the near future.

Source 🔗