Bitcoin prices have taken a bit of a breather since the expansive rally that broke above the $35k mark last week Tuesday. Since then, it appears to be a case of uncertainty and rangebound trade but Bitcoin remains underpinned by hopes of the BlackRock Spot Bitcoin ETF approval.
A sign of the strength and confidence from bulls is the lack of a significant pullback despite a resurgence in the DXY. The resurgence which has see many FX pairs and Gold lose ground to the Greenback has had very little impact on the price of Bitcoin. There has been a sizeable shift in market sentiment around Crypto markets and Bitcoin in particular over the past month or so. This is reflected in the image below as the crypto fear and greed index has risen from 48 a month ago to 66 today, which keeps it in “Greed” territory.
