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Why crypto sentiment is still strong even with Bitcoin at $106K
Despite the recent fluctuations in the market, overall sentiment remains optimistic in the cryptocurrency space, even as Bitcoin (BTC) struggles to reclaim the coveted $111K mark. The leading cryptocurrency has been trading within a tight range of $106,000 and $108,700 for the past week, leaving investors uncertain about its next move.
Bitcoin’s highest monthly close ever does not necessarily translate into immediate price action, according to NoOne CEO and long-time Bitcoin supporter Ray Youssef. He emphasized that this strong indicator reinforces the notion that the cryptocurrency’s long-term bullish trend remains intact.
Historically, July has been a resilient month for Bitcoin, with no loss greater than 10%. However, the prolonged range-bound movement of over 40 days is giving cause for concern about what may be an impending local top. This raises questions about whether this consolidation phase could be indicative of a potential summer slide or if it’s just a pause before another leg up.
The Crypto Fear & Greed Index has remained in the “Greed” zone, indicating that investors are still optimistic and less concerned with short-term losses. Bitcoin dominance, currently at 65.5%, also suggests that market participants are leaning heavily towards the leading cryptocurrency.
In contrast, the Altcoin Season Index sits at a dismal 20 out of 100, pointing to a “Bitcoin Season.” Meanwhile, CryptoQuant’s head of research Julio Moreno warns that the Bitcoin Bull Score is now in NEUTRAL territory at 50, indicating that prices may struggle to sustain a rally unless this metric reaches or exceeds 60.
It seems that for all the uncertainty around Bitcoin’s current price action and market indicators that continue to suggest an overall strong sentiment.
Source: ambcrypto.com
