- Bitcoin showed strong bullish signals, with high dominance and investor confidence at an extreme level.
- Bullish trends showed signs of continuing, but volatility risks remained due to exchange behaviors.
Bitcoin [BTC] continues to show strong bullish signs, with the Fear and Greed Index reaching an extreme greed level of 83. This indicates high investor confidence and growing optimism in the market.
At press time, Bitcoin traded at $98,503.78, down 0.85% in the last 24 hours. While this suggests a strong bullish trend, it raises questions about Bitcoin’s ability to sustain this momentum or face a market correction.
Bitcoin fear and greed shows…
Bitcoin dominance was 54.5% at the time of writing, reflecting its significant influence over the overall crypto market. However, it saw a daily drop of -3.5%, which indicates a potential shift in altcoin interest.
This suggests that other cryptocurrencies might be gaining strength, which could impact Bitcoin’s dominance in the coming days.
Therefore, closely monitoring Bitcoin dominance will provide insight into market trends and any possible changes in dominance dynamics.
Source: CoinMarketCap
A surge in investor optimism
Bitcoin’s Network Value to Transaction (NVT) golden cross experienced a notable 7.84% one-day surge, reaching 2.6. This surge signifies a growing investor interest in Bitcoin’s valuation compared to transaction volume.
Such an increase typically indicates bullish sentiment and a more confident market outlook. Additionally, it suggests that Bitcoin’s network metrics could attract more investors, which would further drive prices upward.
