The tone of Bitcoin-related social media posts has flipped to bullish according to crypto analytics platform Santiment, despite Bitcoin continuing to swing around $85,000.
“Traders are showing optimism that BTC can regain $90K, which will likely be dependent on tariff and global economy news as the week progresses,” Santiment said in an April 16 X post. The last time Bitcoin (BTC) traded above $90,000 was March 6.
Traders regaining confidence in Bitcoin
Santiment’s social media tracker, which measures how social media users feel about crypto based on the tone of their posts, moved into “bullish territory” on April 16 with a score of 1.973.
Before that it was neutral, with a score below 1.606, as social media users were unsure about where Bitcoin’s price was headed as it “has been repeatedly crossing above and below $85K,” Santiment added.
Bitcoin tapped as high as $86,000 on April 15 before retracing down to $83,000 the following day. Bitcoin is trading at $84,390 at the time of publication, according to CoinMarketCap.
If Bitcoin reclaims the $85,000 price level, approximately $254 million in short positions will be at risk of liquidation, according to CoinGlass.
In the past 24 hours, several popular crypto accounts on X have shared bullish comments on Bitcoin. Samson Mow’s firm Jan3 said that Bitcoin hitting $500,000 “isn’t crazy.”
Crypto trader “Ted” said, “Global money supply is going up, and eventually, this liquidity will go into Bitcoin. Just wait and watch.”
Meanwhile crypto trader Titan of Crypto said that “according to Dow Theory, BTC remains in an uptrend, consistently printing higher highs and higher lows.”
Related: Bitcoin’s wide price range to continue, no longer a ’long only’ bet — Analyst
Other crypto sentiment trackers are not flashing as bullish, however. The Crypto Fear & Greed Index, which measures overall market sentiment, reads a “Fear” score of 30 out of 100.
It comes after the crypto market posted its weakest first quarter performance in years.
Bitcoin and Ether (ETH), the two largest cryptocurrencies by market capitalization, saw price declines of 11.82% and 45.41%, respectively, over Q1 2025 — a quarter that has historically seen strong results for both assets.
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This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
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