Bitcoin Is Awakening Investors' Appetite: What Does This Resurgence Mean?

Bitcoin made a leap yesterday, briefly reaching $68,000, igniting the entire crypto market. This surge caused a notable change in sentiment, pushing the greed index into “greedy” territory. This turnaround hints at a sustained bullish dynamic, fueled by investor hopes. Entering this greed zone is a first in six weeks, raising questions about future trends.

Bitcoin: A Remarkable Rise

Since October 10th, Bitcoin has picked up, recording a 12% increase. It even briefly crossed the $68,000 mark on October 16th, before slightly falling to $67,350.

For crypto enthusiasts, this marks a new step in the evolution of the BTC price. According to IntoTheBlock data:

• 95% of Bitcoin holders are in profit;
• 3% are at their initial investment;
• 2% are experiencing a loss.

This optimistic peak obviously attracts potential sellers. Yet, the number of active addresses in profit decreased from 112,780 to 91,160 in just one day, indicating that some are betting on further increases.

Crypto Market: Greed Levels Up

The entry into the greed zone, at 60 today, marks a turning point for the crypto market after a period of hesitation since early August. Recent weeks have been eventful, marked by a drop in Bitcoin below $54,000 before this spectacular rebound.

For the first time since July 31st, the market is regaining a sustained bullish sentiment, which could signify the start of a new phase of expansion.

“At this stage, some profit-taking is expected,” says an analyst. Indeed, the influx of gains may prompt strategic sales. However, investor retention suggests higher expectations, especially with the potential for BTC to rise above $70,000.

Finally, it’s interesting to note that a week ago, the Fear & Greed index reached neutral, rekindling hopes of a Bitcoin recovery. The past few days seem to have confirmed this trend.