Bitcoin’s recovery to the $21k range has reignited hopes of optimism among the crypto community. According to data provided by Santiment, the trading crowd is having their second-highest bullish sentiment week in the last 14 months.
The last time investors’ euphoria peaked was when BTC skyrocketed above $68k for the first time in Oct-Nov. 2021.
Traders are treating Bitcoin’s signs of life as a signal that a bigger breakout may be looming soon. The rebound back over $21k in January has resulted in the crowd showing the most optimism they’ve had in markets since July.
A similar sentiment was echoed around six months ago when speculation was rife of FED easing inflation that sparked “buy the dip” of BTC at $19k.
Zooming out, Bitcoin kickstarted the year on solid ground, clearly shaking off the time when it was reeling from the effects of the previous year and was about to embark on its longest winning streak in almost ten years.
The dominant cryptocurrency was on the course of creating history by breaking a 10-year-old record but fell short of achieving the milestone due to a price drop over the past day.
After forming its first red candle on January 18, the two-week winning streak for Bitcoin has finally ended, TronWeekly reported.
The longest such stretch in history, 15 days of positive price movement in November 2013, was about to be matched or even surpassed by BTC the day before.
Twitterati Laud Bitcoin For Creating A New Milestone
The record has not been broken, but the king coin did record the longest winning streak since 2013 during a “ridiculous” buildup, according to some Twitter commenters.
An alarming statement made by the US Department of Justice [DOJ] earlier on January 18 that it will “launch an international cryptocurrency enforcement action” appears to be the main reason for the downward price movement.
Some community members speculated that it would be against a well-known exchange or cryptocurrency firm, but it turned out to be against a little-known Hong Kong-based exchange called Bitzlato with connections to Russia. Anatoly Legkodymov, the exchange’s creator, was also detained.