- The market sentiment has been steadily bullish in the last three weeks
- Although on-chain statistics demonstrated
The cryptomarkt has experienced a volatile week.
It started with losing for both Bitcoin [BTC] And altcoins, but those losses were quickly recovered on the 2nd and 3 July, which extended the recent rally.
Bitcoin has won 6.31%since 23 June, while the wider Altcoin market has risen by 7.6%.
July 4, however, saw renewed sales pressure when holders took a profit in the short term. Adding the uncertainty is the imminent deadline for rates from the Trump era.
While the US has reached trade agreements with countries such as China and Vietnam, they remain unsolved with important partners such as Japan, South Korea and the European Union.
The fear of a possible trade war can contribute to the recent sale.
Despite the market jits, investors’ appetite remains strong. Spot Bitcoin and Ethereum [ETH] ETFs registered robust inflow on July 3.
Bitcoin in particular saw an influx of $ 601 million-the largest increase of one day since 22 May, when it registered $ 934 million.
Crypto Fear and Greed Index shows Bullish MarktVliment
At the time of writing, the Crypto Fear and Greed Index lecture was a healthy 73, which signaled greed on the market.
With Bitcoin only 3.9% below the all time, there were many holders of profit. This explains the short -term sales pressure on July 4.
A greed signal does not necessarily guarantee an immediate prepared price reputation.
It is worth noting that the crypto fear and greed index reached 78 on May 23. That was the same day that Bitcoin reached a peak of $ 111.8k.
In particular, the index has now returned to a similar level at the time of the press.
This may have a few holders to take on a profit, especially since BTC is currently being traded within a defined range.
Source: Total2 on TradingView
Altcoins have therefore subtned compared to Bitcoin, which indicates potential weakness in the wider market.
This serves as caution for Altcoin investors to prepare for increased volatility, especially if Bitcoin will be further losses in the coming days.
Although the timing of the next of all of Bitcoin remains uncertain, data on chains suggests that the upward move may not be far away.
Long -term holders can benefit from staying the patient and continuing to HODL.