Crypto traders ‘starting to salivate’ as Bitcoin inches back toward $110K

Crypto traders are becoming progressively bullish connected societal media implicit Bitcoin’s chances of reclaiming $110,000, but the surge successful optimism isn’t ever a bully sign, says blockchain analytics level Santiment. 

“It’s beauteous wide that the assemblage is starting to salivate implicit a imaginable $110K+ Bitcoin marketplace value,” Santiment expert Brian Quinlivan told Cointelegraph. 

Bullish Bitcoin comments surge to three-week high

Santiment information shows that for each bearish remark connected Bitcoin (BTC), determination are present 1.51 bullish comments — the highest sentiment ratio successful the past 3 weeks. The information was pulled from aggregate platforms, including X, Reddit, Telegram, 4chan, BitcoinTalk and Farcaster.

Quinlivan noted that spikes successful bullish commentary connected June 11 and July 7 were some followed by declines successful Bitcoin’s price. Source: Santiment

While rising sentiment whitethorn look positive, Quinlivan cautioned that akin spikes successful trader optimism were followed by Bitcoin terms drops connected some June 11 and July 7.

“As we know, prices determination successful the other absorption of the crowd’s expectations arsenic retail perpetually loses wealth from overly affectional decisions,” helium said.

Quinlivan pointed to trading enactment connected Monday, wherever an uptick successful bullish commentary coincided with Bitcoin hitting a section apical of $109,595, earlier rapidly retracing to $107,681. 

“We saw wide signs that retail was buying into the rising momentum of Bitcoin's price,” helium said.

“Mild pullback” connected the array for Bitcoin earlier a caller all-time high

Quinlivan believed Bitcoin would apt spot a “mild pullback” earlier it breaks done its all-time precocious of $111,970, which it reached connected May 22. Bitcoin is trading astatine $108,791 astatine the clip of publication, up 2.84% implicit the past 7 days, according to CoinMarketCap data.

Bitcoin is trading astatine $108,770 astatine the clip of publication. Source: CoinMarketCap

Quinlivan besides noted that Bitcoin whale wallets — those holding betwixt 10 and 10,000 BTC — person shown small caller activity, which could awesome caution successful the market.

Related: Bitcoin terms gained 72% and 84% the past 2 times BTC holders did this

“For now, these wallets person been somewhat suspiciously flat,” Quinlivan said, adding that whales person sold disconnected 14,140 BTC implicit the past week.

“When they accumulate, prices often travel closely. When they dump oregon adjacent conscionable temporarily halt accumulating, it often signals that marketplace values crossed crypto whitethorn spot immoderate declines.”

However, helium emphasized that the semipermanent inclination remains bullish, pointing to six months of dependable accumulation by whales and sharks.

Macro headwinds prevarication ahead

Javier Rodriguez-Alarcon, main commercialized serviceman astatine integer plus trading steadfast XBTO, told Cointelegraph that respective upcoming events could trial the wide crypto market’s resilience successful the weeks ahead.

While his earlier concerns astir the US tariff deadline tied to US President Donald Trump person eased pursuing its hold to Aug. 1, Rodriguez-Alarcon highlighted different macroeconomic factors that could inactive power Bitcoin’s terms trajectory.

He said the merchandise of minutes from the Federal Reserve’s rate-setting committee connected Wednesday whitethorn person an interaction connected the broader crypto marketplace and origin “significant headwinds for hazard assets.”

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This nonfiction does not incorporate concern proposal oregon recommendations. Every concern and trading determination involves risk, and readers should behaviour their ain probe erstwhile making a decision.