Bitcoin sentiment turns bullish as price hovers around $84,390

Bitcoin's social media sentiment has shifted to a bullish stance as the cryptocurrency continues to fluctuate around the $85,000 mark. According to crypto analytics platform Santiment, the tone of Bitcoin-related social media posts has turned optimistic, with traders expressing confidence that Bitcoin could regain the $90,000 level. This optimism is contingent on developments in tariff policies and the global economy as the week progresses. The last time Bitcoin traded above $90,000 was on March 6.

Santiment's social media tracker, which gauges sentiment based on the tone of social media posts, moved into "bullish territory" on April 16 with a score of 1.973. Previously, the sentiment was neutral, with a score below 1.606, as users were uncertain about Bitcoin's price direction due to its repeated fluctuations above and below $85,000. Bitcoin reached a high of $86,000 on April 15 before retracing to $83,000 the following day. At the time of publication, Bitcoin was trading at $84,390.

Several prominent crypto accounts on X have shared bullish comments on Bitcoin in the past 24 hours. Jan3, a firm led by Samson Mow, suggested that Bitcoin hitting $500,000 "isn’t crazy." Crypto trader "Ted" noted that the global money supply is increasing, and this liquidity will eventually flow into Bitcoin. Titan of Crypto, another crypto trader, stated that according to Dow Theory, Bitcoin remains in an uptrend, consistently printing higher highs and higher lows.

However, not all sentiment trackers are as bullish. The Crypto Fear & Greed Index, which measures overall market sentiment, currently reads a "Fear" score of 30 out of 100. This comes after the crypto market posted its weakest first-quarter performance in years, with Bitcoin and Ether, the two largest cryptocurrencies by market capitalization, seeing price declines of 11.82% and 45.41%, respectively, over Q1 2025. Historically, this quarter has seen strong results for both assets.