In mid-March, Bitcoin refreshed its ATH at $73,737 before the halving but couldn’t sustain the rise and fell from this region. After the halving in April, Bitcoin entered a new phase, but the price performance since then hasn’t reflected this change. However, recent days have shown signs of revival with BTC price surpassing $67,000 for the first time in about a month.
Will BTC Price Rise?
According to a recent report by the prominent on-chain analysis firm Santiment, the crypto community’s interest shifted to BTC after the price exceeded $67,000.
This statement by Santiment is based on the Weighted Sentiment metric, which generally reveals positive or negative sentiment in a cryptocurrency.
The mentioned indicator has two sub-metrics: sentiment value and social volume. The sentiment value metric evaluates whether the community has negative or positive views about the assessed cryptocurrency, while social volume measures the total mentions of the asset on social media.
The Weighted Sentiment indicator emerges as a result of both the sentiment value and social volume. When the social volume is high and a significant average sentiment (positive or negative) is observed, notable changes in the metric are also seen.
According to Santiment’s analysis, Bitcoin’s weighted sentiment reached its highest value since January following the recent price increase. This sentiment around Bitcoin last appeared after the Securities and Exchange Commission approved BTC spot ETFs in the United States.
On the other hand, Bitcoin is not the only cryptocurrency among the top 20 with positive sentiment today. Data provided by Santiment reveals that the Chainlink (LINK) token, which saw a 20% increase in value over the past week, has shown a peak upward trend over the past year.
What Is Bitcoin’s Price?
As of the time of writing, Bitcoin continues to trade at $67,000. This price emerged after a roughly 0.10% increase. Over the past 7 days, BTC has seen a 10% rise.
BTC’s market cap remains above $1.3 billion, while the 24-hour trading volume stands at $17 billion after a 40% drop.
Meanwhile, Chainlink (LINK), which accompanies BTC, is trading at $16.29 after a 0.72% increase. Chainlink’s market cap has risen above $9 billion, while its 24-hour trading volume has dropped to $461 million after a 62% decrease, indicating a decline in investor interest.
