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.
<h2>Bitcoiners are Optimistic Amid Inflation Data</h2>
According to crypto analytics platform <a href="https://twitter.com/santimentfeed" target="_blank" rel="nofollow noopener">Santiment</a>, Bitcoin's social media sentiment is at its highest level since the first dip after the asset formed an all-time high in November.<b> </b>However, such optimism in November led to the beginning of a massive correction spanning over eight months.
<blockquote><em>"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,"</em> Santiment tweeted.</blockquote>
https://twitter.com/santimentfeed/status/1546313634795573248

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 since the Fed adopted a hawkish stance in November, significant capital has left perceived risky assets, including the crypto markets. As a result, about $2 trillion has been wiped off the entire crypto market cap since.

At the time of writing, <a href="https://www.cryptoknowmics.com/news/bitcoin-technical-analysis-btc-at-21k/" target="_blank" rel="noopener">Bitcoin</a> is down 3.38% in the last 24 hours compared to the previous seven days and is currently trading at $20,528.

Bitcoin's Social Sentiment Sees a Spike in Optimism Level

The social media volumes on Bitcoin's flagship cryptocurrency have peaked, indicating an optimistic sentiment about its price-performance this week.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Bitcoin's Social Sentiment Sees a Spike in Optimism Level

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