🎉 #Gate xStocks Trading Share# Posting Event Is Ongoing!
📝 Share your trading experience on Gate Square to unlock $1,000 rewards!
🎁 5 top Square creators * $100 Futures Voucher
🎉 Share your post on X – Top 10 posts by views * extra $50
How to Participate:
1️⃣ Follow Gate_Square
2️⃣ Make an original post (at least 20 words) with #Gate xStocks Trading Share#
3️⃣ If you share on Twitter, submit post link here: https://www.gate.com/questionnaire/6854
Note: You may submit the form multiple times. More posts, higher chances to win!
📅 End at: July 9, 16:00 UTC
Show off your trading on Gate Squ
Traders are eagerly waiting as Bitcoin approaches the $110k mark.
Traders are becoming increasingly optimistic on social media about Bitcoin's ability to reclaim the $110,000 mark, but according to the blockchain analysis platform Santiment, this wave of optimism is not always a good sign.
"Clearly, the crowd is starting to crave the prospect of Bitcoin reaching over $110,000," said Santiment analyst Brian Quinlivan.
Positive comments about Bitcoin reach a three-week peak
According to data from Santiment, for every negative comment about Bitcoin, there are currently 1.51 positive comments — the highest sentiment ratio in the past three weeks. This data is collected from various platforms such as X, Reddit, Telegram, 4chan, BitcoinTalk, and Farcaster.
"As we know, prices often move contrary to the expectations of the majority, as retail investors frequently incur losses due to overly emotional decisions."
Quinlivan pointed out the trading activity on Tuesday, when the number of optimistic comments increased simultaneously with Bitcoin reaching a local peak of $109,595, before quickly adjusting to $107,681.
"We clearly see that retail investors are pouring money into the rising price of Bitcoin," he added.
Bitcoin may make slight adjustments before reaching a new peak
Quinlivan believes that Bitcoin is likely to "make a slight adjustment" before surpassing its all-time high of (ATH) 111,970 dollars, set on May 22. At the time of writing, Bitcoin is trading at 108,500 dollars, up 2.16% over the past 7 days.
"Currently, these wallets are in a relatively suspicious state with no volatility. When they accumulate, prices often rise closely. Conversely, when they offload or temporarily stop accumulating, it often signals the risk of a decline in value across the crypto market," Quinlivan said, adding that whales have sold a total of 14,140 BTC in the past week.
However, he emphasized that the long-term trend remains optimistic, as whales and sharks ( larger than average but smaller than whales ) have been steadily accumulating over the past 6 months.
Macroeconomic challenges lie ahead
Javier Rodriguez-Alarcon, the commercial director of the digital asset trading company XBTO, shared that some upcoming events may test the market's resilience in the coming weeks.
Although his previous concerns about the tax deadline in the U.S. under President Donald Trump have eased after being postponed to August 1, Rodriguez-Alarcon still warns that many other macroeconomic factors could impact the price trajectory of Bitcoin.
He stated that the announcement of the minutes of the interest rate-setting committee of the Federal Reserve (Fed) on Wednesday could impact the entire crypto market and create "significant obstacles for risk assets."
Đình Đình