Discussions about bitcoin (BTC) have skyrocketed, and the last time such a high percentage of discussions was recorded last June. People are now quite skeptical about the bitcoin price, at least until the U.S. Consumer Price Index data for June is released on July 13.
Currently, the price of BTC is extremely volatile as it continues to fluctuate around the $20,000 level.
According to Santiment, bitcoin’s social dominance indicator has risen to its highest level in a year. Due to the fact that the price of bitcoin has fallen below the $20,000 level, interest in bitcoin is growing while other cryptothems are waning.
This situation has always been considered a good sign for both bitcoin and the crypto market.
Altcoins, including Ethereum, Solana, Cardano and XRP, have failed to show significant price movements amid pressure from the liquidity crisis and the bankruptcy filings of Three Arrows and Voyager Digital. That said, Dogecoin and Shiba Inu have shown some strength as a result of whale buying and recent developments.
Last week, cryptocurrency prices rose as sentiment improved slightly. On July 8, the price of bitcoin surpassed the $22,000 level, but it was a short-lived victory, and now the price has fallen below $20,000.
BTC is currently trading at $19,600 with a daily loss of 4.4%, Ethereum (ETH) lost 7.4%, dropping to $1,062.