On April 23, Bitcoin passed $90,000, hitting an important new all-time high. This increase lifted crypto market sentiment to levels not seen in more than two months. This explosion drove the Crypto Fear & Greed Index all the way to 72, indicating “Greed” in the market. Yet this enthusiasm was not to last, as the index within weeks fell back down to 60 on April 25.
Bitcoin rocketed back above the $90,000 price point for the first time since March 6. That spectacular surging skyward was created by robust ETF inflows and euphoric tsunami of optimistic enthusiasm. What a week for spot Bitcoin ETFs! They raised $2.6 billion in the last four trading days, their third best weekly inflow since their launching in January 2024. This flood of new capital helped propel Bitcoin’s leading share of the crypto market above 64% and still above that today.
The first day Crypto Fear & Greed Index reached 72 was February 4th. On that day, US president Donald Trump announced the tariffs and Bitcoin went on to drop below $100,000.
Even with the bullish price action, analysts have raised their concerns regarding the sustainability of Bitcoin’s ongoing rally. The Crypto Fear & Greed Index has been gradually tapering off since April 23, suggesting that the initial euphoria is waning. Additionally, the altcoin season index is at an all-time low, showing that the market is incredibly Bitcoin-dominant.
On April 17, leading crypto analytics firm Santiment shared a very interesting insight. They found that sentiment expressed on social media about bitcoin quickly took a positive, or bullish, turn. Bitcoin sentiment has been on a tear ever since it dipped down into the mid-$80,000 price range.
There are deeper forces at play that make the rally largely a mirage and unsustainable in the long run.
"Buyers are likely going to step in, and then we’ll be continuing our path toward a new [all-time high]." - Michaël van de Poppe
However, others point to underlying factors that suggest the rally may not be sustainable.
"Given that our stablecoin minting indicator has yet to return to high-activity levels, we remain cautious about the sustainability of the current Bitcoin rally." - Markus Thielen
