Bitcoin (BTC) Reclaims $47,000 as Social Sentiment Hits New Highs

The price of Bitcoin (BTC) has breached a new milestone, jumping as high as $47,000 for the first time since April 2022 amid ongoing chatter for the approval of a spot Exchange Traded Fund (ETF) product tracking the top coin.

Bitcoin Price Resurgence

Bitcoin price sent shivers down many investor’s spines with its turbulent start to the year. In what appears as a profit-making venture, Bitcoin price slipped from to a low of $40,813.33 on January 3, a bearish sentiment that was sparked when Matrixport shared a scoop into the likelihood of denial of a spot Bitcoin ETF product.

After much fence-mending by the industry’s proponents, Bitcoin price stabilized and started charting a new path upward. At the time of writing, the top cryptocurrency is changing hands for $47,040.23, up by 6.43% in the past 24 hours. With the current outlook, Bitcoin price has extended its weekly gains to more than 8% with market capitalization and trading volume pegged at $914,301,433,412 and $39,779,035,938 respectively.

The potential approval of a spot Bitcoin ETF is hinted at by many moves by the market regulator including recent meetings with potential trading platforms for the product and security guidance it is issuing to retail investors whom it warned not to FOMO into investment products they are not so sure of.

January 10 remains the next major window that experts in the market are keenly watching that the market regulator might approve at least one of the applications on its desk at the moment. Potential issuers have kept their end of the bargain with amended filings of S-1 and S-3s submitted earlier today.

Bitcoin’s Social Chatter is Growing

According to data from the crypto analytics platform Santiment, Bitcoin’s social mentions have hit the roof with the top “BTC” ranking as the second trending word after “ETF.”

This heightened social sentiment is historically a big boost for Bitcoin price and this explains the massive surge the coin is receiving at this time. Notably, discussions around Bitcoin ETF are at their highest level since October 17th according to the Santiment data dashboard. 

With growing curiosity around BTC both in the crypto ecosystem and the broader financial market, Bitcoin price may just be charting a new price discovery level from this point moving forward.