Bitcoin (BTC) social dominance rises high annually ahead of key events

Discussions about Bitcoin (BTC) seem to have increased drastically lately. The last time such a high number of discussions was registered was in June last year. However, people remain skeptical of the Bitcoin price before US June CPI data on July 13th. At the moment, the BTC price is extremely volatile as it continues to move around the $ 20,000 level.

Discussions about Bitcoin (BTC) reach annual highs

According to Santiment, Bitcoin’s social dominance calculation has jumped high annually. As the price of Bitcoin has fallen below the 20,000 level, interest in Bitcoin (BTC) is increasing and discussions about other cryptocurrencies have faded. Historically, this has been considered a good sign for Bitcoin as well as the crypto market.

“The relationship between discussions related to Bitcoin against all crypto topics have increased rapidly on social media. BTCits social dominance is now at its highest point since June 2021. Historically, the focus returns to BTC is a good sign for crypto oxen. “

Altcoins including Ethereum, Solana, Cardano and XRP have not been able to show significant price movements in the midst of pressure due to the liquidity crisis and bankruptcy registration from Three Arrows and Voyager Digital. While Dogecoin and Shiba Inu have shown some strength as a result of whale buying and recent developments.

The US CPI data for June is scheduled for release tomorrow, July 13. White House Press Secretary Karine Jean-Pierre expects inflation data to be “high” due to a rise in petrol and food prices. However, falling energy prices in July indicate an improvement in the following months.

Rising inflation could force the Fed to raise interest rates by a further 75 bps as the June CPI data will be important in the midst of growing recession fears.

BTC and Ethereum discussion increases before the KPI data

Crypto prices jumped last week as sentiment improved slightly. Bitcoin (BTC) prices rise above the $ 22,000 level on July 8. However, cryptocurrencies are volatile and decline as the CPI reporting date approaches.

Discussions about Bitcoin and Ethereum have increased with reports predicting that prices will fall below key support levels. According to the MLIV Pulse survey, 60% of respondents believe that BTC may fall to $ 10,000, while 40% say that the BTC price will eventually increase to reach $ 30,000.

The Bitcoin price is currently trading at $ 19,900, down 4% over the last 24 hours. Ethereum (ETH) is at $ 1068, down over 6% in one day.

Varinder is a technical writer and editor, technology enthusiast and analytical thinker. Fascinated by Disruptive Technologies, he has shared his knowledge of Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industries for a significant period of time and currently covers all the latest updates and developments in the crypto industry.

The content presented may include the author’s personal opinion and is subject to market conditions. Do market research before investing in cryptocurrencies. The author or publication has no responsibility for your personal financial loss.