According to CoinMeta, despite the re-emergence of the argument "Bitcoin and cryptocurrencies are dead" on social media, multiple indicators suggest that the current market momentum could be part of a macroeconomic bottom. According to data from the blockchain research platform Santiment Intelligence, cryptocurrencies are increasingly being associated with terms such as "death, end, and conclusion" on social media platforms. Bitcoin is currently attempting to test the level of $63,350 again; if it falls below that, it may face another test at $62,500. Market sentiment has been affected by the delay in the clear legislative process, and the likelihood of passage this year has dropped to less than 22%. Nevertheless, the Tom Demark indicator issued a buy signal on Bitcoin's monthly chart last month, a signal that has historically successfully identified market bottoms in 2022.