Bitcoin Sentiment Turns Bullish as Price Tests New Support Levels

📰 Key Update of the Day

Bitcoin sentiment turned bullish as the price tested and held new support levels near $29,500. This renewed confidence came amid stable macroeconomic data and lower bond yields.

🔍 Quick Summary

Bitcoin’s price stabilized after briefly dipping below $30,000, holding steady around $29,500 support. The shift in sentiment follows easing concerns over inflation and softer U.S. Treasury yields, which typically reduce the appeal of risk assets. Market participants responded positively, pushing Bitcoin slightly higher with increased trading volumes. The improved technical setup suggests buyers see value at current levels, encouraging cautious optimism.

📈 Impacted Stock / ETF

Grayscale Bitcoin Trust (GBTC) saw a modest uptick in volume and price, reflecting growing investor interest as Bitcoin stabilizes.

🧭 What This Means

Investors may grow more confident in Bitcoin’s near-term outlook. Reduced volatility could attract cautious capital. Risk sentiment appears to be improving amid supportive macro conditions.