Crypto Market Sentiment Turns Bullish Amid Modest Price Gains

According to Cointelegraph, sentiment among cryptocurrency market participants has shifted to a more optimistic outlook following a modest increase in the prices of several major cryptocurrencies over the past 24 hours. The Crypto Fear & Greed Index, a popular measure of market sentiment, rose to the "Greed" level on Thursday, scoring 60 out of 100. This marks a recovery from a "Neutral" position the previous day, reflecting the market's volatile nature as Bitcoin (BTC) recently fell to $112,000 over the weekend, just weeks after reaching an all-time high of $123,100 in mid-July. The return to "Greed" on the index coincided with a 1% rise in Bitcoin's price over the past 24 hours, with the cryptocurrency trading at $114,298. This slight price increase, coupled with the improved sentiment, suggests that market participants are viewing the modest gains as a potential sign of stability in the near term. Onchain analytics firm Glassnode reported on Wednesday that profit-taking among Bitcoin Short-Term Holders, defined as those holding for less than 155 days, has "cooled off," indicating a possible shift in market dynamics. The broader cryptocurrency market also experienced upward movement. Ether (ETH) saw a 2.37% increase over the past 24 hours, trading at $3,664, while XRP (XRP) rose by 2.14% to $2.97, and Solana (SOL) gained 3.26% to reach $167.38. Analysts have expressed optimism about Bitcoin's potential for a "bullish breakout." Michael van de Poppe, founder of MN Trading Capital, commented on social media platform X that Bitcoin is "back to resistance and consolidates here," suggesting that this phase could lead to a bullish breakout. Crypto trader Galaxy noted that the last time Bitcoin experienced similar volatility was in November, prior to its climb from around $70,000 to $100,000 by December 5, following U.S. President Donald Trump's election victory. Meanwhile, another crypto trader, Ted, predicted that Bitcoin could soon reach new highs of $125,000, which would trigger $18 billion in liquidations. This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers are encouraged to conduct their own research before making any decisions.