Source: Cointelegraph
Original: “Why is the ‘greed’ sentiment fading while Bitcoin (BTC) holds above $90,000?”
Key Points:
The recent surge in Bitcoin above $90,000 has driven crypto market sentiment to its highest point in two months on April 23, but as analysts express concerns about the sustainability of Bitcoin's rise, sentiment has begun to gradually decline.
On April 23, the Crypto Fear & Greed Index reached a score of 72 (out of 100), entering the "greed" zone, as Bitcoin returned to levels above $90,000. However, as of April 25, despite the price remaining relatively stable, the sentiment index had dropped to 60.
Crypto sentiment reaches a two-month high
The last time the index reached this score was on February 4, when U.S. President Trump announced tariffs, causing Bitcoin's price to fall below $100,000. Since then, Bitcoin broke back above the $90,000 price level on March 6.
However, despite Bitcoin trading between $91,800 and $94,304 over the past two days, the sentiment in the "greed" zone has gradually cooled, with the index dropping to 60 on April 24 and continuing to decline on April 25.
This downturn followed warnings from several crypto analysts who expressed caution about Bitcoin's rise, including Markus Thielen, head of research at 10x Research, who remains skeptical about this rally.
Thielen stated on April 23: “Given that our stablecoin minting indicators have not yet returned to high activity levels, we remain cautious about the sustainability of the current Bitcoin rally.”
Meanwhile, analysts at Bitfinex noted on April 24 that while Bitcoin's relative strength against the U.S. stock market “looks real,” it has not yet confirmed a structural change.
However, some hold a more optimistic view. Michaël van de Poppe, founder of MN Trading Capital, stated on April 24: “Buyers may step in, and we will continue to move towards new all-time highs.”
According to CoinMarketCap's altcoin season index, the market remains highly tilted towards Bitcoin rather than altcoins, with the altcoin season score at only 17 out of 100. According to TradingView data, Bitcoin's market dominance currently stands at 64.39%.
Since Bitcoin's price hit the mid-$80,000s, Bitcoin sentiment has gradually gained momentum. Crypto analytics firm Santiment noted on April 17 that social media sentiment related to Bitcoin has turned bullish.
Meanwhile, crypto analyst Trader T pointed out in an X post on April 25 that as of April 24, the U.S. domestic spot Bitcoin ETF has seen its third-largest inflow week since its launch in January 2024. Over the past four trading days, the spot Bitcoin ETF attracted a net inflow of $2.6 billion.
Related: Is $1,400 the “generational bottom” for Ethereum (ETH)? — Data signals are mixed
This article does not contain investment advice or recommendations. Every investment and trading action carries risks, and readers should conduct their own research before making decisions.
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