Bitcoin News: Crypto Traders Grow Bullish as Bitcoin Eyes $110K, But Santiment Warns of Pullback

Key Takeaways:Bullish sentiment on Bitcoin hits a 3-week high, with 1.51 bullish comments for every bearish one.Bitcoin currently trades near $108,800, up nearly 3% over the past week.Analysts warn rising retail euphoria could precede a mild pullback before new highs.Bitcoin’s climb toward $110,000 is sparking renewed optimism among crypto traders, but blockchain analytics firm Santiment warns that overly bullish sentiment could precede a short-term correction.According to Santiment data, the ratio of bullish to bearish comments on Bitcoin across platforms like X, Reddit, and Telegram has surged to 1.51 — the highest in three weeks. This spike in crowd sentiment comes as Bitcoin trades around $108,800, just below its all-time high of $111,970 set in May.“It’s pretty clear that the crowd is starting to salivate over a potential $110K+ Bitcoin market value,” said Santiment analyst Brian Quinlivan.However, Quinlivan noted that previous sentiment surges on June 11 and July 7 were followed by price drops, underscoring the risk of retail investors “buying into momentum” too late. He added that Bitcoin briefly touched $109,595 on Monday before falling to $107,681, likely due to emotional retail-driven buying and selling.Whales Turn Cautious Despite Long-Term AccumulationWhile short-term enthusiasm is on the rise, whale wallets holding between 10 and 10,000 BTC have sold over 14,000 BTC in the past week, showing cautious behavior.“These wallets have been somewhat suspiciously flat,” Quinlivan said. “When they accumulate, prices often follow. When they pause or sell, it can signal a short-term cooling period.”Still, the long-term outlook remains constructive. Whale wallets have steadily accumulated Bitcoin for over six months, which many view as a bullish foundational signal.Macro Events Loom Over Crypto MarketJavier Rodriguez-Alarcon, chief commercial officer at digital asset trading firm XBTO, added that macro uncertainty could weigh on crypto prices in the coming weeks.Although concerns about the U.S. tariff announcement have been delayed to August 1, upcoming data — including the Federal Reserve’s meeting minutes on July 3 — could impact broader market sentiment.“The Fed’s commentary may cause significant headwinds for risk assets,” Rodriguez-Alarcon noted.While sentiment is heating up, analysts caution against chasing price without considering broader signals. With macro headwinds and whale behavior diverging from retail excitement, traders may want to prepare for a mild pullback before Bitcoin attempts a new record high.