Bitcoin investor sentiment indicates ongoing BTC rally.
Bitcoin has been experiencing a surge in value for the past three days, and it shows no signs of slowing down. Even after breaking through the $30,000 resistance level, many believed that the rally would end, but current levels and investor sentiment suggest otherwise.
The Bitcoin Fear & Greed Index is at one of its highest levels in the past year, indicating positive sentiment from investors. The index is currently at a score of 65, which is almost 20 points higher than its cumulative value last week. This jump indicates a shift from fearful to greedy investor sentiment.
The market rally is being fueled by institutional investors entering the space, such as BlackRock and WisdomTree filing for Bitcoin ETFs. The positive sentiment surrounding these filings can push the price up to the $35,000 level, with $40,000 being the next major resistance. If the ETFs are approved this year, BTC’s price may rally to its previous all-time high of $69,000.
At the time of writing, BTC has reclaimed the $30,000 level, with a 17.45% gain in the last week and a market cap of $582 billion. The rally has only been going on for two days, so it is too early for buyers to exhaust themselves. With more investors feeling greedy and rushing to take advantage of the recovery, the price is likely to continue to rise.
