Bitcoin’s Social Sentiment Sees a Spike in Optimism Level

Social media users have shown optimistic sentiment in volumes on Bitcoin’s price performance this week. Since the beginning of this month, the flagship cryptocurrency’s social volumes have peaked. Bitcoiners are Optimistic Amid Inflation Data According to crypto analytics platform Santiment, Bitcoin’s social media sentiment is at its highest level since the first dip after the asset formed an all-time high in November. However, such optimism in November led to the beginning of a massive correction spanning over eight months. “Bitcoin’s social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the Fed’s next decision. An ideal setup would be the crowd remaining skeptical as prices climb with little resistance,” Santiment tweeted. 📊 #Bitcoin's social sentiment is seeing an unprecedented level of optimism this week as we head into the second half of July and the #Fed's next decision. An ideal setup would be the crowd remaining skeptical as prices climb with little resistance. https://t.co/OM52RZ9eDP pic.twitter.com/3EtAVYE8hs — Santiment (@santimentfeed) July 11, 2022 Meanwhile, the U.S. Labor Department is set to release inflation data for June this week. In light of this, experts are anticipating a 1.1% month-on-month increase in the Consumer Price Index (CPI), with an annual rate increase from 8.6% to 8.8%, far from the 2% target set by the Fed. It is worth noting that...