Bitcoin Surges Toward $112K as Bullish Sentiment Hits 7-Month High

Bitcoin (BTC) is once again capturing the spotlight as it edges near the $112,000 mark, triggering a wave of optimism across the crypto community. Over the past week, BTC has repeatedly breached the $110,000 level, igniting a surge in bullish sentiment not seen since late 2024.

According to data from crypto analytics platform Santiment, positive commentary on Bitcoin across major social media platforms has reached its highest level in seven months. As of June 11, for every negative mention of Bitcoin, there are approximately 2.12 positive ones, indicating a strong shift in market mood. This sentiment spike was last matched on November 6, the day after the U.S. presidential election, when Bitcoin crossed $70,000 for the first time.

Institutional Momentum and Renewed Retail Interest

While Bitcoin’s current rally has largely been fueled by institutional investors and growing nation-state interest, the upswing in retail sentiment could add further fuel to the fire. The recent rise in positive online discussions hints that individual investors may finally be re-entering the market.

Source: Santiment

Read More: Bitcoin Surges Past $108K: Analysts Predict New Highs up to $200K

On June 11, Santiment recorded over 500 positive Bitcoin comments compared to approximately 238 negative ones, sourced from platforms such as X (formerly Twitter), Reddit, Telegram, 4Chan, Farcaster, and Bitcoin Talk. The growing chatter among retail users suggests that confidence in the crypto market is gaining traction.

Market Mood: From Caution to Greed

Supporting this narrative is the Crypto Fear & Greed Index, which currently stands at 71 out of 100, placing the market firmly in the "Greed" zone. Although this is a strong indicator of bullish sentiment, it's still below the peak score of 94 recorded on November 22—just days after the presidential election—when Bitcoin surged from $67,700 to nearly $100,000 in under a month.

Crypto Fear & Greed Index score. Source: Alternative.me

Resource: https://x.com/BitMartResearch/status/1933046205832945803

Price Action and Technical Standing

Bitcoin is currently trading around $108,635, roughly 3% below its all-time high of $112,000, reached on May 22. Despite short-term fluctuations, analysts suggest that repeated tests of this level could lead to a confirmed breakout.

However, some signs point to a more cautious broader environment. Google Trends data shows that search interest for "Bitcoin" remains subdued compared to previous bull runs. The current search score is 32 out of 100 relative to its peak over the past year—during the week of November 10-16, when Bitcoin surged past $90,000. Compared to late 2017, when BTC mania reached mainstream levels, the current interest sits at just 19 out of 100.

What's Next for Bitcoin?

Although price momentum and market sentiment are undeniably positive, the relatively low retail search interest indicates that the market may still have room to grow. A renewed wave of mainstream attention could drive prices even higher as the year progresses.

Google search interest for “Bitcoin” over the last 12 months. Source: Google Trends

With BTC flirting with record highs and social media optimism soaring, all eyes are on whether Bitcoin can decisively break through the $112K barrier—and whether this rally can sustain the kind of mass adoption last seen in the 2017 and 2021 bull markets.

Read More: What’s Next for Bitcoin’s Price? – Bear Trap, Bottom, or Oversold Bounce?