Data shows that virtual currency traders started the week with a cheerful mood, but that is also why this may have an impact on cryptocurrencies.

Bitcoin investors have shown strong bull market sentiment

According to the information of Santiment, an analysis enterprise on the chain, recently BTC and trader in the cryptocurrency market in the wider range have seen a sharp rise in their cheerful mood. The relevant indicator here is' social volume ', which measures the total output of text files that mention at least one keyword or set of professional terms at a time.

Here, text files refer to the combination of social news media text documents obtained by Santiment from the internet, such as tweets, Reddit threads, forum posts, etc. Therefore, the social volume indicator values remind us of the level of discussion on social media websites that closely revolves around the given theme style.

This indicator must be kept in mind that it does not count the pure frequency of mentioning the word, but rather measures the total number of text documents/posts containing the word. This means that if there are two types of text documents, one containing one keyword and the other containing two, then the social volume here will still be two instead of three.

Now, here is a data chart that shows the social traffic trends of good and bad keywords related to the Bitcoin and cryptocurrency sales market in the past week or so:

In order to grasp the positive and proactive emotions in the market, BTC's social volume is filtered into keywords such as buy, bottom, and up. Similarly, selling, topping, bullish, and so on indicate a sense of depression.

From the data chart, it can be seen that over the past weekend, positive and proactive emotions have already cooled down, with only negative social interactions showing a significant surge.

However, as the week progresses, the social volume of cheerful emotions has rapidly increased, which means that the current discussions on BTC and digital currency on the internet generally have most positive and proactive views.

I noticed a significant surge in this indicator yesterday, similar to the surge in positive sentiment on March 27th and 29th. The first time such a situation occurred, the US Tobacco Administration (BTC) had already entered a frenzy of decline, while the other time, the US music company (BTT) had basically hit the local peak.

This means that neither of these highest values seems to have caused any upward harm to the price. This is also a situation seen several times in history, as excessive positive and proactive emotions may be a sign of investors cheering, while investors generally end up with a negative attitude towards prices.

If based on previous examples, the recent surge in proactive sentiment may also cause similar harm to the market. Santiment emphasized, "Pay attention to the group being overly excited about $30000.

BTC Price

At the time of writing, the transaction price of Bitcoin was approximately $28200, which increased by 4% last week.