The Bitcoin exchange rate (BER) is influenced by many variables such as human speculation and policies and, thus, is dependent on the financial system. The fluctuation of BER submitted has been extensively investigated. However, the correlation analysis of the short- and long-term effects by indicators of online sentiment is unexplored. Therefore, this study establishes a VAR model for BER which provides a framework to the Google search volume index (SVI), the investor fear gauge (VIX), and the S&P500 Index. The findings of the analysis suggest that BER and Google SVI have a Granger causality feedback relationship in both the short- and long-term co-integration equilibrium, and the VIX is significantly related to BER in the long-term co-integration.