Source: Cointelegraph Original: "{title}"
According to data from the crypto analytics platform Santiment, despite Bitcoin's price fluctuating around $85,000, social media sentiment related to Bitcoin has turned bullish.
Santiment stated in a post on the X platform on April 16: "Traders are optimistic about Bitcoin's ability to break back above $90,000, which may depend on the developments in tariffs and global economic news over the next few days." The last time Bitcoin (BTC) broke above $90,000 was on March 6.
Traders Restore Confidence in Bitcoin
Santiment's social media sentiment tracker measures users' views on cryptocurrencies by analyzing the tone of their posts. On April 16, the tracker entered the "bullish zone," scoring 1.973.
Previously, sentiment had remained neutral, scoring below 1.606, as social media users felt uncertain about Bitcoin's price movements, especially when Bitcoin "repeatedly crossed around $85,000," Santiment added.
On April 15, Bitcoin briefly reached $86,000 but retraced to $83,000 the next day. At the time of publication, Bitcoin was trading at $84,390 according to CoinMarketCap data.
According to CoinGlass data, if Bitcoin breaks back above the $85,000 price level, approximately $254 million in short positions will face liquidation risk.
In the past 24 hours, several popular cryptocurrency accounts on the X platform have posted bullish comments about Bitcoin. Samson Mow's company Jan3 stated that it is "not crazy" for Bitcoin to reach $500,000.
Cryptocurrency trader "Ted" remarked: "The global money supply is increasing, and eventually this liquidity will flow into Bitcoin. Just wait and see."
Meanwhile, cryptocurrency trader Titan of Crypto stated: "According to Dow Theory, Bitcoin is still in an uptrend, consistently making higher highs and higher lows."
However, other cryptocurrency sentiment trackers have not shown such strong bullish sentiment. The Crypto Fear & Greed Index currently shows a score of 30 (out of 100), indicating a "fear" zone.
This comes after the cryptocurrency market posted its weakest first-quarter performance in years.
In the first quarter of 2025, the two largest cryptocurrencies by market capitalization, Bitcoin and Ethereum (ETH), fell by 11.82% and 45.41%, respectively, a quarter that typically performs strongly for both assets.
This article does not constitute investment advice or recommendations. Every investment and trading decision involves risks, and readers should conduct their own research before making decisions.
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