Bitcoin’s price surged 20% in three weeks, reaching $69,404 on July 28, the highest since June 12. This rally has sparked the most positive sentiment on social media since March 2023, according to Santiment.
The bullish trend follows cooler inflation data, suggesting potential interest rate cuts by the U.S. Federal Reserve. Bitcoin has climbed over 23% from its local bottom of $53,550 on July 5, driven by strong dip-buying from Bitcoin ETF investors.
Notably, BlackRock’s Bitcoin ETF is nearing $20 billion in assets under management, with recent inflows of $534 million. U.S. Senator Cynthia Lummis also proposed a national strategic Bitcoin reserve, boosting market optimism.
The confluence of Bitcoin’s price rally, strategic proposals, and high-profile endorsements sets the stage for significant developments in the crypto market.
