Bitcoin Rebounds to $68,000 as Demand Surges

Bitcoin has shown a positive response on the price charts, yet social metrics indicate some weaknesses. The high demand for Bitcoin in May could soon propel the price past its all-time high.

Bitcoin [BTC] experienced a captivating week in terms of price volatility, with a dynamic breakout surpassing the domestic high of $67,000 on May 20th.

On May 23rd and 24th, Bitcoin retested the $66.3k-$66.6k range as support before rebounding higher, trading at $68.7k at the time of writing.

Further gains seem likely as demand for the leading cryptocurrency continues to rise. Jack Mallers, CEO of the blockchain-based payment app Strike, stated in a conversation with Antony Pompliano that “Bitcoin is the best thing you can own.” Social metrics and on-chain activity show signs of weakening.

Social volume for Bitcoin has gradually declined since March 11th. Sentiment has been predominantly negative throughout May, with only two positive spikes since mid-month. Together, these indicators suggest reduced engagement on social media.